Circular No. 4/2002
16th January, 2002.
F.NO.605/1/2002-DBK
Government of India
Ministry of Finance
Department of Revenue
Sub: Time limit for market verification of the Present Market Value (PMV) under DEPB Scheme.
Attention is invited to Circular Nos . 69/97-Cus. dated 8.12.97 and its amending Circular No.79/98-Cus. dated 22.10.98. As per these Circulars, the maximum period for challenging the Present Market Value (PMV) is 90 days, if not, the PMV shall be deemed to be accepted.
2.However, representations have been received from the field formations that in case of frauds and cases involving suppression of facts, such verification take much longer time for the investigation to be completed and hence it is not possible to issue show cause notive within 90 days. It has, therefore, been decided that in case of frauds/willful suppression of facts show cause notices challenging the PMV may be issued even beyond the period of 90 days.
3. Suitable instructions/Standing Order may be issued for the guidance of Trade/field staff.
4.Receipt of this Circular may please be acknowledged.
