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The operation, under the auspices of Operation Phakisa, also led to the detection of 177 cases of non-compliance, including possible under-valuation, non-declaration of goods, non-permits for import purposes, illegal transporting of abalone and detention of vehicles.
Other factors that will be supportive of a constructive outlook are slow pace of rise in interest rates and under-valuation of UAE stocks, and the market is cheaper than when oil prices were 20 per cent lower.
The LCCI president said that smuggling was being done in a number of shapes like under invoicing, under-valuation of goods, misclassifications, falsification of documents, mis-declaration of country and short landing transit or re-export of goods.
The industry is claiming that this can be a case of under-voicing or under-valuation of the consignment," the source added.
The analytics include a full market-trend analysis with histograms of features within the market; regression analysis for determining significant factors that contribute to value in the market; a ranking system that incorporates a Nearness factor, a Similarity factor and the appraiser's own expertise for analytically determining the best comparables; plus multiple value indicators to alert the appraiser if AVM systems or CU might consider their value opinion to be an over- or under-valuation.
Wassim Nasrallah, Managing Director, Head of Middle East at Principal Global Investors, said, "Economic performance and US monetary policy may be expected to depress market valuations in the short term, but pockets of under-valuation will prevail in all markets.
Business Secretary Vince Cable had previously said to "judge him in three months" after criticism was levelled at the government's alleged huge under-valuation of the company, with the share price jumping from 260p-330p [the Government's valuation] each to more than 450p.
According to the department, the new move will help authorities check duty frauds and cases of under-valuation as well keep a record of gold jewellery and bullion being brought into the country.
Business Secretary Vince Cable had the audacity to blame his Labour rival Chuka Umanna for stoking the frenzy when he pointed out the scandalous under-valuation.
A period of under-valuation may be needed to help them do that, or in the absence of that, support from the government such as through enhanced export credit guarantees (within EU rules) and more finance for exporters.
Over- or under-valuation compared to the fundamental equilibrium exchange rate (FEER): We used numbers provided by Bill Cline and John Williamson of the Peterson Institute.
and bring in a Supplementary "In the absence of this amendment, the deliberate and serious under-valuation of a property would be binding on the new owner where Budget?