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Government of India, Ministry of Finance, Department of Revenue, Office of the Principal Commissioner of Customs, Chennai – I (Airport) Commissionerate, released Public Notice No. 03/2024 on 29-05-2024 regarding the Appointment of Panel of Approved Valuers/Assayers for valuing Gold, Silver, Jewellery, Precious Stones, and Valuable Articles, among other items. This notice aims to inform all Importers, Exporters, International Passengers, Customs Brokers, and stakeholders about the appointment process and related guidelines.

In accordance with Public Notice No. 02/2024 dated 20.03.2024 and its addendum dated 29.03.2024, a panel of Valuers/Assayers has been formed based on criteria such as academic background, performance, expertise, and experience in the relevant field. The appointed individuals will be responsible for valuing various items including Gold, Silver, Jewellery studded with precious/synthetic stones, Precious Synthetic Stones, and other valuable articles for export/import or those seized or confiscated by the Chennai-I (Airport) Commissionerate.

The appointed Valuers/Assayers are required to submit an Annual Performance Report by the end of each financial year, detailing their work, such as attending to Bill of Entry/Shipping Bill/Passport Number, Date of Attending/Assaying, Description of Goods, Quantity, Declared/Assessed value, Date of Seizure (if applicable), and Place of Assaying. This report must be submitted to the Principal Commissioner of Customs, Chennai-I (Airport) Commissionerate before the 30th of April of the following financial year for performance assessment.

The appointed Valuers/Assayers will serve from 01.06.2024 onwards for a period of 2 years, subject to an interim review at the end of the first year. They are expected to be available at any time, day or night, as required by the Department, equipped with necessary tools.

Regarding service fees, the appointed Assayer/Valuer can charge fees based on specified rates, with GST applicable on the service fee. If the calculated fee is less than Rs. 1000/-, the Assayer/Valuer may charge Rs. 1000/-. It’s clarified that the Department will not be responsible for non-payment/short payment of fees by stakeholders. In cases of seized/confiscated goods, the Department will bear the charges.

The appointment of Valuers/Assayers does not imply endorsement of their services by the Customs department. They are solely responsible for the accuracy and integrity of their assessments. This Public Notice supersedes all earlier notices on the subject matter.

Stakeholders encountering difficulties in implementing these guidelines are encouraged to communicate them to the Office for resolution.

Signed by Ramavath Srinivasa Naik, Principal Commissioner.

This notice outlines the procedures and expectations for appointed Valuers/Assayers and provides transparency in the valuation process for goods handled by the Chennai-I (Airport) Commissionerate.

*****

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
OFFICE OF THE PRINCIPAL COMMISSIONER OF CUSTOMS
CHENNAI – I (AIRPORT) COMMISSIONERATE
ANNA INTERNATIONAL TERMINAL, CHENNAI.
Phone: 2256 4354
email:pcommrap1-cuschn@gov.in
*****

Public Notice No. 03/2024 Date: 29-05-2024

Subject: Appointment of Panel of Approved Valuers/Assayers for valuing Gold, Silver, Jewellery, Precious Stones and Valuable Articles etc. – reg.

Attention of all the Importers, Exporters, International Passengers, Customs Brokers and all other stakeholders is invited to this Office Public Notice No. 02/2024 dated 20.03.2024 and addendum dated 29.03.2024, wherein applications were called for appointment of approved Valuers/Appraisers.

2. In accordance with this Office Public Notice No. 02/2024 dated 20.03.2024 and addendum dated 29.03.2024, the panel of Valuers/Assayers has been constituted based on the sound academic background, performance, expertise and experience in the required field. Accordingly, the following persons are appointed as Valuers/Assayers for valuing Gold, Silver, Jewellery studded with precious/synthetic stones or otherwise-made up of Gold/Silver or other precious metals, Precious Synthetic Stones, Valuable Articles studded with precious/synthetic stones or otherwise made up of Gold/Silver or other precious metals etc., which are meant for export/import or seized or confiscated at all the formations of Chennai-I (Airport) Commissionerate:

Sl. No. Name of the
Valuers
(S/Shri/Ms.)
Address Mobile No.
1 J. J. Sripal Challani 23/2, Habibullah Road, T Nagar,
Chennai-600017
9994166063
2 G. Guru Ganesh New no. 28/Old no.21, Solai Amman Koil Street, Purasaiwalkkam, Chennai-600007 8122908070
3 Ratanchand Jawarilal Jayantilal 23/2, Habibullah Road, T Nagar,
Chennai-600017
9940147199
4 S. Santhakumar 1091, Trellis Appaswamy’s South,
184-188, NSK Salai, Arcot Road,
Vadapalani, Chennai-600026
9840890091
5 S. Abinaya 1091, Trellis Appaswamy’s South,
184-188, NSK Salai, Arcot Road, Vadapalani, Chennai-600026
9789822883

3. The above appointed Valuers/Assayers are required to submit Annual Performance Report at the end of every financial year, containing full description of the work attended by them such as Bill of Entry/Shipping Bill/Passport Number, Date of Attending/Assaying, Name of the Passenger/Importer/Exporter, Description of Goods, Quantity of Goods, declared/Assessed value of goods, Date of Seizure (if relevant), Place of Assaying (Airport/Foreign Post Office/ Air Cargo Complex etc.) or any other relevant information. The same shall be submitted to the Principal Commissioner of Customs, Chennai-I (Airport) Commissionerate before 30th of April of next Financial Year, so as to assess their performance annually in order to decide whether they are fit or otherwise for continuing in the Panel of Valuers/Assayers for the next year.

4. The above Valuers/Assayers are appointed from 01.06.2024 onwards for a period of 2 years with the interim review at the end of 1 year.

5. The above appointed Valuers/Assayers required to make himself/herself available, with all the necessary equipment, at any time during the day or night or as and when his/her services are required by the Department.

Service Fees payable:

6. The service fees to be charged by appointed Assayer/Valuer for valuation of any asset shall not exceed the amount calculated at the following rates:

Rates fixed for Assaying/Valuation
Sl. No. Assayed Value Rate
1 On the first 5 Lakh of the Assayed Value 0.5% of the Value
2 On the next 10 Lakh of the Assayed Value 0.2% of the Value
3 On the next 40 Lakh of the Assayed Value 0.1% of the Value
4 On the balance of the Assayed Value 0.05% of the Value

*GST at the applicable rate is chargeable on the above Service Fee Charged.

7. Where the amount of fees calculated is less than Rs.1000/-, the appointed Assayer/Valuer may charge Rs.1000/-.

8. The Assayer/Valuer shall charge for the service rendered as specified in this Public Notice or as notified by the Department from time to time. The Fees/Service charges as claimed by the Assayer/Valuer shall be borne by the stakeholder as applicable. The Department shall not be responsible for non-payment/short payment of fees for services availed in the regard by the Exporter/Importer/International Passenger/Customs Broker or any other stake holder. In respect of seized/, confiscated goods which are taken up for valuation by the Department, the charges shall be paid by the Department. The appointed Valuer/Assayer shall issue a Certificate for having rendered the service and such a certificate will be advisory in nature and shall not be binding on the Department.

9 . The appointment of Valuers/Assayers does not imply endorsement of their services by the Customs department. Valuers/Assayers are solely responsible for the accuracy and integrity of their assessments.

10. The Public Notice supersedes all the Public notices issued earlier on the subject matter.

11. Difficulty, if any, faced in implementation of this Public Notice may be brought to the notice of this Office.

RAMAVATH SRINIVASA NAIK
PRINCIPAL COMMISSIONER

Copy submitted to:

1. The Chief Commissioner of Customs, Chennai Customs Zone.

Copy to:

1. The Principal Commissioner of Customs, Chennai-III, VII & VIII.

2. The Commissioner of Customs, Chennai-II, IV, Audit, Appeals I & II.

3. The Jewellers and Diamond Traders’ Association

4. EDI/Notice Board/Hindi Cell.

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One Comment

  1. SYED MAHABOOB PEER says:

    Sir,
    The Appointments of Approved Valuers & Assayers for Gold & Jewelry Valuation on the basis of rates fixed on the amount of worth is harmful for the assessees; and beneficially advantageous to the valuers.

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