KARACHI: Customs Valuation Director Wasif Ali Memon has revised the customs value of metallic yarn through Valuation Ruling No 964/2016 under Section 25-A of the Customs Act, 1969.
Number of representation were received from different importers of metallic yarn against valuation ruling in field vide its No.796 / 2016 dated January 18, 2016, stating that the international prices have came down and the existing values in said ruling are on much higher side. Therefore, an exercise was undertaken by this directorate general to revise the same according to trends prevailing in the current international market.
A meeting was scheduled on August 12, 2016 where different stakeholder including importers, representatives of clearance collectorate, and trade bodies were invited to participate. No one attended the meeting. Another meeting was scheduled on August 30, 2016 and again different stakeholders, including importers/complainant M/s Lorex Industries Karachi and members of FPCCI, KCCI and representatives of clearance collectorate and trade bodies were requested to attend the meeting. None of the stakeholders and their representative appeared for the meeting scheduled on August 30, 2016.
Lastly, a final notice was served to all stakeholders’ including the complainant M/s Lorex Industries to attend the meeting scheduled on November 10, 2016 for their input in the chamber of Customs Valuation director.
Both the importers as well as the local manufactures participated in the meeting and put forth their point of view regarding types, origins, values, cost of manufacturing and other factors which influence the values and trade. All the participants were requested to submit the samples and the following documents so that correct customs values could be determined.
