CUS NTF NO. 24/1997 DATE 06/03/1997

Passbook Scheme - Method for determination of value of impoprted inputs changed
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 104/95-Customs, date the 30th May, 1995, namely :-

In the said notification, in condition (2), in the second proviso, in clause (iii), for sub-clause (b), the following sub-clause shall be substituted, namely :-

"(b) where duties of customs are chargeable on any input by reference to its value, such value shall be determined by proceeding sequentially through the following methods, namely : -

(I) the value shall be deemed to be the price at which the same or similar inputs, known to be usable in the export product were Imported at the place of exportation of such export product within 90 days prior to such export, or

(II) the price at which inputs of like kind were imported anywhere in India within 180 days prior to the export by the pass book holder himself or by any other person, or

(III) the price at which such inputs were exported from India within 90 days prior to the date of exports; or

(IV) the price published in a contemporary reputed journal which regularly publishes international prices of such inputs; or

(V) the price arrived at by following any other reasonable method which the Assistant Commissioner of Customs may deem fit".

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