Subject : Revised guidelines for determination / verification of the Present Market : Value (PMV) under DPB Scheme - reg.

    Attention is invited to Circular No. 69/97-Cus. dated 8.12.97, as amended by Circular No. 79/98-Cus. dated 22.10.98 and Circular No. 23/99-Cus. dated 11th May, 1999.

2.  Para 7.36A of the Handbook of Procedure, Vol.I pertaining to current Exim Policy has been amended vide DGFT's Public Notice No. 10 (RE-99)/1997-2002 dated 7th June, 1999 to the effect that DEPB credit entitlement, in respect of export products whose DEPB rate is 10% or more, shall not exceed 50% of the PMV of the goods.

3.  Accordingly, the PMV of all products exported under DEPB Scheme, wherever, the DEPB rate is 10% or more will need to be verified by the Custom House. Circular Nos. 15/97-Cus. dated 3.6.97 and 69/97-Cus.dated 8.12.97 shall stand amended to this extent.