Notification No. 41/2001-Customs(N.T.)Date 7th September,2001

Amendment in the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988.
In exercise of powers conferred by section 156 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules further to amend the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, namely:-

1. (1) These rules may be called the Customs Valuation (Determination of Price of Imported Goods) Amendment Rules, 2001.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988,-

(i). for rule 3, the following rule shall be substituted, namely:- "3. Determination of the method of valuation.– For the purposes of these rules,-

(i) subject to rules 9 and 10A, the value of imported goods shall be the transaction value;

(ii) if the value cannot be determined under the provisions of clause (i), the value shall be determined by proceeding sequentially through rules 5 to 8 of these rules".

(ii) in the proviso to sub-rule (2) of rule 4, clauses (a), (b), (c) and (d) shall be respectively renumbered as clauses (e), (f), (g) and (h) thereof and before clause (e) so re-numbered, the following clauses shall be inserted, namely:-


"(a) the sale is in the ordinary course of trade under fully competitive conditions;

(b) the sale does not involve any abnormal discount or reduction from the ordinary competitive price;

(c) the sale does not involve special discounts limited to exclusive agents;

(d) objective and quantifiable data exist with regard to the adjustments required to be made, under the provisions of rule 9, to the transaction value."

R.Prasad
Under Secretary to the Governemnt of India

F. No 467/24/2000-Cus V

Note- The Principal rules were published in the Gazette of India vide notification No.51/88-Cus.(N.T), dated 18th July 1988 [GSR 800 (E), dated:18.7.88] and subsequently amended by notifications-

(1) No.53/88-Cus(N.T), dated 10.08.1988; GSR 851 (E), dated 10.8.98
(2) No.71/88-Cus (N.T), dated 19.12.1989’ GSR 1055 (E), dated 19.12.89
(3) No.39/90-Cus (N.T) dated 05.07.1990; GSR 619 (E), dated 5.7.90
(4) No.44/90-Cus (N.T) dated 03.08.1990; GSR 695 (E), dated 3.8.90
(5) No.67/91-Cus (N.T) dated 01.10.1991; GSR 612 (E), dated 1.10.91
(6) No.26/95-Cus (N.T) dated 24.04.1995; GSR 358 (E) dated 24.4.95 and
(7) No.10/98-Cus (N.T) dated 19.02.1998; GSR 77 (E), dated 19.2.98

(Last amended by CUS NTF NO.3/2002(NT) DATE 24/01/2002

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