BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SEC 700
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SEC 701
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SEC 702
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SEC 703
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Detailed explanation-1: -Rule 3(3)(b) provides an opportunity for the importer to demonstrate that the transaction value closely approximates to a “test” value previously accepted by the proper officer of customs and is therefore acceptable under the provisions of rule 3.
Detailed explanation-2: -7. Declaration by the exporter.-The exporter shall furnish a declaration relating to the value of export goods in the manner specified in this behalf.
Detailed explanation-3: -According to Customs law, the value of Handling charges is 1 per cent of the CIF value of the goods. If the transport of goods is by air, then you must check the percentage of freight value against the Purchase order amount. Freight value must be less than or equal to 20 per cent of the purchase order line amount.