Calculate FOB Value, Cost of Insurance, Cost of Freight and Assessable Value where only the CIF value is given as US $5,000. Exchange rate notified by RBI and CBEC are ₹50 and ₹48 respectively for one US $.

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 cost of insurance and cost of freight shall be computed as follows: CIF value = US $5,000 x ₹48 = ₹2,40,000 Freight & Insurance = ₹2,40,000 x 21.125/121.125 = ₹41,858 FOB Value = ₹2,40,000 - ₹41,858 = ₹1,98,142 Exchange rate notified by CBEC / CBIC has to be taken i.e. ₹48/US$. As per Rule 10 of Valuation Rules, freight and insurance when not available has to be taken as 20% and 1.125% of FOB value respectively.