Update on 06th February, 2016: Click here: svb procedures.pdf
Procedure for Renewal of SVB (Special Valuation Branch) order
This post is one of the series of posts explaining in detail about Special Valuation Branch. I have tried to include maximum information about Special Valuation Branch (SVB) in these articles in simple language. Hope, these articles suffice you to get complete information about Special Valuation Branch of Indian Customs department.
This post explains about the procedure of renewal of Special Valuation Branch order
Normally, the order issued by the SVB is in operation for a period of 3 years. The order by SVB is passed based on the replies/documents furnished by the importer. If there is any suppression of fact or wrong declaration on the part of importer, necessary penal action will be taken separately in accordance with the provisions of law. If the importer is having continuous imports over a period of time extending beyond 3 years, he has to file replies and documents at least 3 months before the completion of 3 years, so as to take up the renewal of the case. If there is no change in the terms and conditions of the agreement, or pattern of invoicing, the same shall be specifically stated by the importer in the form of an affidavit. On examining these documents, the SVB order issued in the past will be renewed for a further period of 3 years. If there are no imports from the related supplier beyond a period of 3 years, there is no need for renewal of the circular and the file will be closed in SVB.
This post explains about the formalities for renewal of SVB order, Special Valuation Branch
This post is one of the series of posts explaining in detail about Special Valuation Branch (SVB). I have tried to include maximum information about Special Valuation Branch (SVB) in these articles in simple language. Hope, these articles suffice your needs to get complete information about Special Valuation Branch of Indian Customs department.
Comment below your experience with Special Valuation Branch of Indian Customs department. You may share your thoughts about this article about renewal of Special Valuation Branch order.
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