KARACHI: The Directorate General, Customs Valuation has determined the customs values of metallic yarn vide Valuation Ruling No 796/2016. The values were determined under section 25-A of the Customs Act, 1969.
According to details, several importers approached the Directorate General for revision of Valuation Ruling 377/2011 dated 27-9-2011 of metallic yarn since it was more than four years old and the prices in the international market have declined. It was, therefore, deemed expedient to initiate working for the subject item.
A meeting of the stakeholders was attended by the representatives of PYMA (Pakistan Yarn Merchants Association), local manufacturer M/s Brightex Industries, commercial importers and clearance Collectorates. M/s Lorex Industries, a leading manufacturer of metallic yarn, was also requested and later reminded by telephone to attend the same but they abstained from attending the meeting.
The requisite documents were submitted by only one importer M/s Saleem Winding Works, Karachi hence the same could not be deemed a representation of all commercial importers.
The local manufacturer, M/s Brightex Industries argued that the customs values determined Valuation Ruling No 377/2011 dated 27.9.2011 were fair and reflective of international prices even at the present time and in support of their arguments submitted clearance data whereby importers have themselves declared prices of metallic yarn ranging from $ 5.2/kg to $ 6.0/kg.
The representatives of yarn merchants argued that the prices of basic raw material i.e. PET have considerably declined over the past few months, therefore, the values of metallic yarn should accordingly be reduced. Instead of furnishing any documentary evidence about downfall in prices of the metallic yarn in the international market, they relied upon their rhetoric of decline in international prices.
According to Valuation Ruling, the customs values for metallic yarn would be assessed to Clearnace and Forwarding value to be imported from China at $ 5.50/kg.
