Determine the assessable value for computation of Customs Duty from the following information relating to a machine imported from U.S.A. by an Indian Company: (i) Cost of machine ($) 25,000 (ii) Cost of goods supplied by

Computation of Assessable Value Particulars Amount (INR) Amount (INR) Cost of Machine ($25,000 * ₹60) 15,00,000 Cost of goods supplied by Importer to the exporter to be used in the manufacturing of machine 2,00,000 Design and development charge payable to the exporter ($9000 * ₹60) 5,40,000 Packing and Insurance charges ($1000 * ₹60) 60,000 FOB Value 23,00,000 Add: Freight ($1000 * ₹60) 60,000 CIF Value 23,60,000 Add: Handling Charges @ 1% of CIF Value (1% * 23,60,000) 23,600 Assessable Value 23,83,600 Note: The exchange rate for the purpose of working of the assessable value shall be the rate declared by the board and not by the RBI. Hence, the value of $ is taken at ₹60 / $.