Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

Customs & excise board wants duty evasion laws amended
October, 17th 2011

The Central Board of Excise and Customs will suggest amendment of laws after the Supreme Court said that arrests under Customs Act and Central Excise Act are bailable.

Department officials said that the September 30 SC order has considered that all offences under the two Acts involve only duty evasion. The aspect of money laundering and national security that arises from cases of smuggling has not been appreciated by the SC, officials said.

The SC, while hearing a group of petitions challenging arrest, said that offences under the two Acts are non-cognizable and hence bailable.

Officials said that they make arrests only in cases of mis-declaration causing money laundering. ''When there is a dispute on the interpretation of the existing laws to arrive at the duty, we do not arrest. It's more of a technical issue,'' a customs official said.

The bigger issue involves national security and prevention of smuggling. ''For instance, the SC order allows fake currency smugglers caught by the Customs to be released on bail immediately. The fake currency will damage the economy and also fund the terror network,'' the official added.

The SC order is also applicable to smugglers arrested with contraband, arms, ammunition, explosives, goods falling under endangered categories. Officials said that undervaluation and overvaluation of trade transactions are linked to hawala, money laundering and black money generation. The Financial Action Task Force, an inter-governmental body aimed at combating money laundering and terrorist funding, has said that trade-based money laundering is dominant across the globe.

Last month, officials found a case of money laundering in the exports or banned red sanders declared as permissible goods like guava pulp and plastic. ''The real value of the red sanders is sent by the Dubai-based buyers through hawala. The amount runs into a few hundred crores,'' a Directorate of Revenue Intelligence official said. They said that the secret manufacture and clearance of goods without paying central excise duty is not a simple case of evasion but creates a parallel economy.

Officials said the SC, at one point in its order, has treated the Customs Act and Central Excise Act on the same platform but considered it differently while hearing another set of arguments.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions