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TMI BlogValuation of imported second sand machinery and requirement of various documentsX X X X Extracts X X X X X X X X Extracts X X X X ..... rom the trade regarding Circular No. 25/2015 -Customs dated 15th October, 2015 on valuation of second hand machinery. For this purpose, the circular requires customs to rely upon inspection report either issued at the port of loading by overseas Chartered Engineer or issued upon import by a pre-shipment inspection agency (PSIA) notified by DGFT. or by a chartered engineer empanelled by the Custom House where the DGFT approved PSIAs are not available. 2. It has been represented that the PSIAs empanelled by DGFT are insufficient in number leading to delay in clearances. It has also been informed that PSIAs empanelled by DGFT are not qualified for appraising second hand machinery. 3. In this regard, DGFT vide O.M. No. 01/93/180/51/AM-16/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determined for the purpose of arriving at the value under section 14 of the Customs Act. Thus, there may be instances where the requirements of Rule 3 of the Valuation Rules are not met, in which case, the value for imposition of duty must be determined under one of the subsequent methods of valuation applied in sequential order. 4.3 In view of the nature of goods, there may be certain difficulties in applying Rule 4 or 5 of the CVR, 2007. These difficulties arise from the fact that the goods being valued are used second hand machinery, and it may be difficult to find data relating to sales of such goods to India, which could be considered identical or similar and meet all the requirements of Rule 4 and 5 of the CVR, 2007. 4.4 Similar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses by all Custom Houses, it is felt that it is necessary to obtain inspection/appraisement reports from qualified neutral parties. 4.8 For this purpose, the Board has decided that Inspection/Appraisement Reports issued by Chartered Engineers, or their equivalent, based in the country of sale of the second hand machinery shall be accepted by all Custom Houses. For the purposes of uniformity, the format in which inspection/appraisement reports shall be prepared by the Chartered Engineer is annexed to this circular. In the event that an importer does not produce an inspection/appraisement report in the prescribed format from the country of sale, he shall be free to engage the services of any Chartered Engineer from those empanelled by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al goods shall be ordinarily accompanied by an inspection/appraisement report issued by an overseas Chartered Engineer or equivalent, prepared upon examination of the goods at the place of sale. (b) The report of the overseas chartered engineer or equivalent should be as per the Form A annexed to this circular. (c) In the event of the importer failing to procure an overseas report of inspection/appraisement of the goods, he may have the goods inspected by any one of the Chartered Engineers empanelled locally by the respective Custom Houses. (d) In cases where the report is to be prepared by the Chartered Engineers empanelled by Custom Houses, the same shall be in the Form B annexed to this circular. (e) The value declared by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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