The value on which Indian customs calculates import duty — usually the CIF value in rupees.
It is the cost of the goods plus freight and insurance to the Indian port, converted at the customs exchange rate. If freight or insurance are unknown, customs adds 20% and 1.125% of FOB.
Related terms
- CIF — Cost, Insurance and Freight: the seller pays freight and insurance to the destination port.
- BCD — Basic customs duty: the main import duty, set per HS code in the Customs Tariff.