CUSTOMS CIRCULAR No.27/2000 Date 5-4-2000.

Revised guidelines for determination / verification of the Present Market Value (PMV) under DEPB Scheme-reg.

Attention is invited to Circular No. 69/97-Cus dated 8.12.97, as amended by Circular Nos. 79/98-Cus. dated 22.10.98, No. 23/99-Cus. dated 11.5.99 and No. 37/99-Cus dated 24.6.99.

2. As a result of the Annual Review of the Exim Policy 1997-2000, para 7.36A of theHandbook of Procedure, Vol.I has been amended with effect from 1.4.2000 to the effectthat 'PMV declaration shall not be applicable for products for which value cap existirrespective of the DEPB rate of the product'.

3. In view of the above, it has been decided by the Board that for all products exported under DEPB Scheme, wherever FOB value cap has also been notified alongwith DEPB rate, PMV will not be verified by the Custom House. Circulars mentioned in the first para above shall also stand amended to this effect.

Sd/-
(Sandeep Ahuja)
Under Secretary (DBK)

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