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TMI BlogGuidelines for Valuation of Polymers and their Products, under the provisions of the Customs Act, 1962. Reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... (DGOV) vide the above cited alert has suggested few changes in the earlier S.O. No. 7493/1999 dated 31.12.1999 by considering the views of all Custom Houses. Accordingly, the following guidelines for assessment of plastic polymers and their products would be adopted: 1.1. The Polymers, Co-polymers Products, are derivative product of Petrochemical Industry, therefore, International Price of Polymers, Co-polymers their Products directly depends on the International Price of Crude Petroleum. Though, across the globe, the invoices produced by the importers received from the traders exhibits the variation between the invoice value and the international price of great significance, leading to doubts about undervaluation and the authentici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst same contract/indent the PLATT rate prevailing in the week prior to the date of opening of L/C would be taken if L/C is opened for whole consignment as per the contract/indent. However, in case a separate L/C has been opened against one contract/indent for each consignment, the PLATT rate, applicable during previous week of each L/C. would be taken for assessment. Such contract shall also be registered at the port of import before filing first bill of entry. 1.6. If the import is based on a contract not backed by letter of Credit, the same shall be registered with Custom House, within seven days of the contract and in such a case, value would be taken on the basis of the PLATT price on the date of contract subject to the condition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ample is off grade, near prime, wide spec, or spheripol and if so, the reasons thereof. The importer shall furnish all the relevant documents to enable the group DC/AC to finalize the assessment and close the bond, within two months. 1.9. Re-generated Polymers, derived from re-melted scrap, would be allowed to be cleared after considering discount up to 25% from the PLATT price only with the approval of the jurisdictional Additional/Joint Commissioner. The clearance of re-generated polymers would only be allowed provisionally subject to test report. The assessment of Re-generated Polymers shall be done only after the first check by the AC/DC (DOCKS), who shall clearly certify that, the goods imported are Re-generated Polymers and forward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... packages in a container are manufactured by same manufacturer, the Packages should be of at least ten batch numbers. (d) If the goods declared as Stock are not as per the above criteria and Importer insists that the same are stock lot, the clearance may be allowed as stock lot only after opening each package and mixing. 1.12. No quantity discount to be allowed, irrespective of the quantum of import in each Bill of entry/contract. 2. The import of plastic wastes/scraps except PET virgin scrap, are restricted under the provisions of the Foreign Trade Policy 2004-09. The assessment of scrap/waste would be done after examination of the goods on First Check under the supervision of the Dy/Assistant Commissioner of Customs (Import Docks ..... X X X X Extracts X X X X X X X X Extracts X X X X
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