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High Sea Sales

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(Querist)
07 December 2009 what should be the exchange rate in high sea sales ?
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Jyotindra Thakar

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Jyotindra Thakar (Expert)
16 December 2009 Dear Shivish,
Exchange rate for the purpose of filing bill of Entry will be the Customs Ex.rate (for imports) applicable on the date of filing Bill of Entry by the buyer. However for preparation of High Seas Sale Invoice, you should consider customs Ex.rate applicable on the date of High Seas sale contract. For the purpose of asseessment, customs will consider maximum of following two items.
(1) Amount of Highseas sale Invoice
(2) CIF + 2% if CIF (considering ex.rate on the date of filing Bill of entry)

JYOTINDRA THAKAR
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