Circular No. 63 /2002-Cus
27th September, 2002.

Government of India
Ministry of Finance
Department of Revenue

Sub: Market verification for ascertaining the present market value under DEPB Scheme and admissibility of DEPB credit-reg.

Attention is invited to Board’s Circulars No.56/2002-Cus dated 9.9.2002, wherein it was clarified that wherever, the declared f.o.b. value is more than the present market value as declared by the exporter or as ascertained by the Customs authorities, the present market value shall be the basis for granting DEPB credit. Further, this principle will be applied to all export products whether their rates are less than 10% or are 10% or above 10%.

2.   It is , however, clarified that the field formations should not resort to any indiscriminate and routine market verification in all the cases. Market verification should be undertaken only in suspect cases and especially where there is blatant export of sub-standard goods. Market verification can also be initiated in select cases in respect of consignments entered for export to sensitive destinations, wherein there are reasons to believe that the acceptance of the declared value would result in accrual of substantial unintended DEPB benefits.

3 This should be ensured that the market verifications are expeditiously concluded and no harassment is caused to the trade nor are any exports held up.

4. Suitable public notices for information of the trade and standing orders for guidance of the staff may kindly be issued accordingly.

5.  The receipt of this Circular may kindly be acknowledged.

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