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 2
