DRI books Kutch importer for Rs 60 crores duty evasion, seizes capital goods worth over Rs 300 crores

Ahmedabad:

The Directorate of Revenue Intelligence (DRI) of Ahmedabad has seized imported capital goods worth Rs 300 crores from a Kutch based importer for non fulfillment of license obligations.

A DRI official here today said that on the basis of specific intelligence, DRI, Ahmedabad Zonal Unit (Gandhidham Regional Unit) initiated inquiry against a Kutch based importer for non fulfillment of export obligation in respect of EPCG Licences. In terms of the conditions of licence/s, the export obligation was to be fulfilled by exporting specified goods within eight years of the issue of license/s.

He said, ‘during investigations the importer admitted that It had not fulfilled export obligation and that the company had not received Export Obligation Discharge Certificate from DGFT in the matter till date, well after the lapse of the allowed obligation period of 8 years in 2015. The Kutch based importer had accordingly mis-used the export promotion scheme, failed to observe the conditions of the licenses, contravened the Customs Notification and Foreign Trade Policy 2004-09 and evaded payment of applicable customs duty. Hence the capital goods valued at over Rs 300 crores which were imported at concessional duty by saving import duty of Rs. 59,49,97,109 were seized by DRI, being liable to confiscation. Further investigation is in progress.’

DeshGujarat