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".

(iii)   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."