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OFFICE OF THE
COMMISSIONER OF CUSTOMS, |
PUBLIC
NOTICE NO. 240 / 2001
Government of India, Ministry of
Finance, Department of Revenue, New Delhi, Notification No. 41/2001 – Cus (NT)
vide F.No.467/24//2001-Cus.V, dated 07.09.2001, is reproduced below for the
guidance of the importers, clearing agents and trading public.
C16/97/2001-AP (PORT) (JOSEPH
DOMINIC)
CUSTOM HOUSE, CHENNAI-1. COMMR. OF CUSTOMS (PORT)
DATE :24.09.2001
Notification No.
41/2001-Customs(N.T.)
G.S.R. -
In exercise of powers conferred by section 156 of the Customs Act, 1962 (52 of
1962), the Central Government hereby makes the following rules further to amend
the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988,
namely:-
1.
(1) These rules may be called the Customs
Valuation (Determination of Price of Imported Goods) Amendment Rules, 2001.
(2) They shall come into force on the date of their publication in the Official
Gazette.
2.
In the Customs Valuation (Determination of
Price of Imported Goods) Rules, 1988,-
(i). for rule 3, the following rule shall be
substituted, namely:-
"3. Determination of the method of valuation.– For the purposes of these
rules,-
(i) subject to rules 9 and 10A,
the value of imported goods shall be the transaction value;
(ii) if the value cannot be
determined under the provisions of clause (i), the value shall be determined by
proceeding sequentially through rules 5 to 8 of these rules".
(ii) in the proviso to sub-rule
(2) of rule 4, clauses (a), (b), (c) and (d) shall be respectively renumbered
as clauses (e), (f), (g) and (h) thereof and before clause (e) so re-numbered,
the following clauses shall be inserted, namely:-
"(a) the sale is in the
ordinary course of trade under fully competitive conditions;
(b) the sale does not involve any
abnormal discount or reduction from the ordinary competitive price;
(c) the sale does not involve
special discounts limited to exclusive agents;
(d) objective and quantifiable
data exist with regard to the adjustments required to be made, under the
provisions of rule 9, to the transaction value."
Note- The Principal rules were published in the
Gazette of India vide notification No.51/88-Cus.(N.T), dated 18th
July 1988 [GSR 800 (E), dated:18.7.88] and subsequently amended by
notifications-
(1) No.53/88-Cus(N.T), dated 10.08.1988; GSR 851 (E),
dated 10.8.98
(2) No.71/88-Cus (N.T), dated 19.12.1989’ GSR 1055
(E), dated 19.12.89
(3) No.39/90-Cus (N.T) dated 05.07.1990; GSR 619 (E),
dated 5.7.90
(4) No.44/90-Cus (N.T) dated 03.08.1990; GSR 695 (E),
dated 3.8.90
(5) No.67/91-Cus (N.T) dated 01.10.1991; GSR 612 (E),
dated 1.10.91
(6) No.26/95-Cus (N.T) dated 24.04.1995; GSR 358 (E)
dated 24.4.95 and
(7) No.10/98-Cus (N.T) dated 19.02.1998; GSR 77 (E), dated 19.2.98
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