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VALUATION (CUSTOMS) - HIGH SEA SALES - CLARIFICATIONS - Customs - 145/2002-MumbaiExtract Public Notice : 145/2002-Mumbai Dated On : 03-12-2002 1. Commissioner of Customs (Import), Mumbai, Public Notice No. 145/2002, dated 3-12-2002. Attention of all the importers/CHAs/Trade and all the concerned is invited to P.N. No. 155, dated 18-9-1992 read with P.N. No. 33, dated 4-3-1999, wherein it is provided that the relevant transaction for determination of the value in high seas sale should be one that takes place on the high seas and the last buyer shall be regarded as the importer. 2. As per existing practice in Mumbai Custom House, the "High-seas-sales-charges" declared by the original importer and the High-seas-sales-buyer are added in the declared CIF value, Such "high-seas sales-charges" are taken to be 2% of the CIF value as a general practice. However, in cases,where actual "high-seas-sales-charges" are more than 2% of the CIF value then the actual charges are required to be added to the CIF value. 3. In this connection it may be further clarified that in case the "actual high seas sale contract price" is known/ascertainable and the same is more than "the CIF value plus 2%" of CIF value as high-seas sales- charges", then the "actual sale contract price" paid/payable by the high-seas-sales-buyer has to be taken as the value for the propose of duty assessment. 4. The aforesaid provisions are brought to the notice of all concerned for information and strict compliance.
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