Subject: DEPB Scheme --- revised guidelines for PMV

        Attention is invited to Circular No.69/97-Cus dated 8.12.97, as amended by Circular No.s 79/98-Cus. Dated 22.10.98, No. 23/99-Cus. Dated 11.5.99 and No.37/99-Cis dated 24.6.99.

2.     As a result of the Annual Review of the Exim Policy 1997-2002, para 7.36A of the Handbook of Procedure, Vol.1 has been amended with effect from 1.4.2000 to the effect that ‘PMV declaration shall not be applicable for products for which value cap exist irrespective of the DEPB rate of the product’.

3.     In view of the above, it has decided by the Board that for all products exported under DEPB Scheme, wherever FOB value cap has also been notified along with DEPB rate, PMV will not be verified by the Customs House. Circulars mentioned in the first para above shall also stand amended to this effect.