Calculate FOB Value, Cost of Insurance, Cost of Freight and Assessable Value under Custom Law, where only the CIF value is given as US $8,000. Exchange rate notified by RBI and CBIC are ₹78 and ₹79 respectively for one U

Particulars As per Rule 10(2) proviso 3 of Customs Valuation (Determination of Value of Imported Goods) Rule, 2007 where FOB value of goods, cost of insurance, and freight are not ascertainable, then: Freight has to be taken as 20% of FOB value; and Insurance has to be taken @ 1.125% of FOB value; and Rate notified by CBIC has to be taken (i.e. ₹79 per USD) Hence, FOB Value, cost of insurance and cost of freight and assessable value shall be computed as follows: Particulars Amount (₹) Assessable Value will be the CIF Value (US$ 8,000 x ₹79) 6,32,000 Less: Cost of Insurance (₹6,32,000 / 121.125 x 1.125) (Roundoff) 5,870 Less: Cost of Freight (₹6,32,000 / 121.125 x 20) (Roundoff) 1,04,355 FOB Value 5,21,775