Market verification for ascertaining the present market value under DEPB Scheme and admissibility of DEPB credit-reg

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..... lue under DEPB Scheme and admissibility of DEPB credit-reg. Attention is invited to Board’s Circulars No.15/97-Cus dated 3.6.1997, 69/97-Cus dated 8.12.1997, 79/98-Cus dated 22.10.1998, 23/99-Cus dated 11.5.1999 and 26/2001-Cus dated 24.4.2001. 2. As per the existing instructions contained in these Circulars, the DEPB credit is to be normally given on the FOB value o .....

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..... nting DEPB credit. Further, this principle will be applied to all export products whether their rates are less than 10% or are 10% or above 10%. 5. As per the existing instructions the verification of the present market value through market enquiries should be specifically assigned to the Special Intelligence Investigation Branch of the Custom House and not to the Assessing Officer a .....

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..... Board that in many cases the intelligence regarding over-valuation of the exports is received much after the exports. Therefore, the existing instructions pose a legal hurdle in investigation of DEPB frauds where the DEPB credit has already been availed and in many cases even utilised. 7. This issue has been examined in the Board. It is clarified that in respect of the cases inv .....

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