KNOWLEDGE BANK FROM B KANAGA SABAPATHY
LET KNOWLEDGE SPREAD
“Questions and Opinions – 21/06/2022”.
QUESTION & OPINION
Question:
What is customs approved valuer?
Is there any separate registration for the CUSTOMS department?
Opinion:
No separate approval procedure is existing as of now. The Customs department engages the services of Valuers registered with the Central Board of Direct Taxes for their valuation works.
Question :
What is customs approved valuer? Is there any separate registration for the customs department?
My revised opinion :
For the above query, Mr. Sreeraj Ramachandran has given his following opinion on 21.06.2022.
1. Customs Local offices have a list of empanelled Chartered Engineers of the valuation of Imported used / second-hand machinery.
2. The Communication made by the Commissioner of Customs, is as follows.
(Mr. Sreeraj Ramachandran has been kind enough to share his letter to the fellow valuers).
3. FOR INFORMATION PURPOSES ONLY
GOVERNMENT OF INDIA
MINISTRY OF FINANCE DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS OFFICE OF THE COMMISSIONER OF CUSTOMS CUSTOM HOUSE, WILLINGDON ISLAND, COCHIN – 682 009
PUBLIC NOTICE No. 04/2019
Sub : Empanelment of Chartered Engineer for examination/valuation of second-hand machinery / goods, abandoned goods etc. in the jurisdiction of Commissioner of Customs, Cochin – Reg.
Attention is invited to Public Notice No 03/2018 dated 25.01.2018 wherein applications were invited to empanel Chartered Engineers for the valuation of imported used / Second-hand Machinery and equipment and other old and used/second hand goods.
In this regard, the trade and public are hereby informed that the following Chartered Engineers have been empanelled for the valuation of imported second-hand / old and used goods/machinery and equipment, abandoned goods etc.
The empanelled Chartered Engineers would be in addition to the Inspection / Certification Agencies listed in Appendix 2G of the Hand Book of Procedures (2015 – 2020), Volume I as amended from time to time. This is in supersession to the previous public notices issued in this regard.
In the case of second-hand machinery, the Chartered Engineers are required to prepare their report as per the instructions in CBEC circular No. 25/2015 – Cus dated 15.10.2015, after verification of the goods. Goods may be referred to them for expert opinion on other matters also.
The Importers / Trade / Customs Brokers may make use of the services of any of the empanelled Chartered Engineers for assisting the Customs department in valuing the machinery/goods. The service charges of these Chartered Engineers shall be borne by the importers.
In case the proper officer has doubt regarding the accuracy of the evaluation of a Chartered Engineer of a particular consignment, the the department reserves the right to refer the same to another Chartered Engineer.
The certificate issued by the empanelled Chartered Engineer will be advisory in nature and shall not be binding on the department. The empanelled Chartered Engineers have to submit yearly self-appraisal report to assess their performance so as to decide whether they are fit to continue or not in the panel.
Submission of any wrong information would result in cancellation of membership of the panel and shall also attract penal provisions under the Customs Act, 1962. The panel shall be valid for a period of one year and will be reviewed thereafter.
– Commissioner of Customs
TO READ THE COMPLETE PDF CLICK ON THE RED LINK BELOW:
Question :
• In your questions & opinions dt. 27.06.2022 you have attached the details of empanelment of Chartered Engineers for Valuation of second-hand machinery in the jurisdiction of Commissioner of Customs. The 4th paragraph reads like this :
“In the case of second hand machinery, the Chartered Engineers are required to prepare their report as per the instructions in CBEC circular No. 25/2015 – Cus dated 15.10.2015, after verification of the goods. Goods may be referred to them for expert opinion on other matters also.”
• Can you please provide the CBCE circular no. 25 / 2015 – Cus dt. 15.10.2015.
Opinion :
Our fellow valuer Mr. R. Jayaraman, Tiruchirappalli has come forward to share the said circular Form “A” & Form “B” which are given in the attachment.
TO READ THE COMPLETE PDF CLICK ON THE RED LINK BELOW:
Request
The readers may highlight the errors if there are any. Suggestions for further improvements are certainly welcome. Similar topics may also be suggested.
With best wishes,
B. KANAGA SABAPATHY
bkvaluer@gmail.com
www.bkanagasabapathy.com
About the Author:-
- Mr. B. Kanaga Sabapathy born in 1951, is a Civil Engineer who belongs to the 1972 batch of Regional Engineering College, Tiruchirappalli in Tamilnadu.
- He is a Registered valuer of the Central Board of Direct Taxes, a Professional Engineer and also a Chartered engineer. Valuation is his main profession..
- He was the National Vice-President of the Institution of Valuers (India) for 11 terms.
- He is a regular contributor of articles in the Indian Valuer Journal from the year 1985. His articles especially his regular column “Questions & Opinions” are very popular among the practising valuers in India.
- His book “Guidelines on Valuation for Banks” (2002) is used to be referred by many banks. The valuation formats designed by him were accepted and adopted as the formats by many banks in the country.
- His son K. Arun and daughter B.K. Aruna are also approved valuers and they also contribute articles to the Indian valuer journal.
- His guru: Mr. C.H. Gopinatha Rao, Chennai.
- His mentor: Mr. R.K. Gandhi, Mumbai.
- His role model: Mr. S. Rajaratnam, Chennai.
- His best students: Thousands of valuers in the country
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