Purchase value in case of import

yashsr (CA) (2270 Points)

19 July 2012  

Hello,

What shall be my purchase value in case of imports? I actually convert the amount of purchases from dollars to rupees using the exchange rate given in RBI website on the date of purchase. Is this correct? Or should I use FOB value instead? I prefer not to use FOB value since the Customs Dept does hike the purchase value by some % as it has its own norms of valuation.