F.No. 605/51/97-DBK
Circular No.37/1999-Cus date 24/6/1999Subject : 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
No. 79/98-Cus. dated 22.10.98 and Circular
No. 23/99-Cus. dated 11th May, 1999.
2. Para 7.36A of the Handbook of Procedure, Vol.I pertaining to current Exim Policy has been amended vide DGFT's Public Notice
No. 10 (RE-99)/1997-2002 dated 7th June, 1999 to the effect that DEPB credit entitlement, in respect of export products whose DEPB rate is 10% or more, shall not exceed 50% of the PMV of the goods.
3. Accordingly, the PMV of all products exported under DEPB Scheme, wherever, the DEPB rate is 10% or more will need to be verified by the Custom House. Circular
No.15/97-Cus. dated 3.6.97 and
69/97-Cus.dated 8.12.97 shall stand amended to this extent.
Sd/-
(Sandeep Ahuja)
Under Secretary to the Government of India
Presented by eximkey.com