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VABAL full form

VABAL:- Value-Based Advanced License

It is basically overvaluation of import items in the application for Advance License. In the terms of rule 2(1) of the Foreign Trade (Regulation) Rules 1993, “value” has the same meaning assigned to it as under section 2(41) of the Customs Act, 1962. Therefore for the purpose of obtaining Value Based Advance License, the exporters are required to declare prevailing international process which corresponds to valuation as per Customs Act. Since the listening authorities while issuing VABAL indicate quantity and value of all inputs in the DEEC book(though restrictions apply only on sensitive items), the unit price declared for obtaining license can be determined from the DEEC book.in all such cases where the variation between the price declared at the time of actual import is above 20%, the importer should be asked to substantiate such valuation and justify the CIF price declared in the application before the licensing authority the then prevailing international prices. In case importer is not able to justify the correctness of the price declared before the licensing authorities, the matter should be referred to the concerned licensing authorities for corrective action been taken at their end. Director General of the Foreign Trade is to be requested to issue suitable instructions in this regard.

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