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Duty evasion of Rs. 4,50,55,933/- by M/s. Muthoot Precious Metals Corporation - Anti Evasion Unit, Commte of Central Excise, Kolkata-I
September, 10th 2012

GOVERNMENT OF INDIA

OFFICE OF THE COMMISSIONER OF CENTRAL EXCISE

ANTI-EVASION UNIT: KOLKATA-I COMMISSIONERATE

KENDRIYA UTPAD SHULK BHAWAN : 180, SHANTIPALLY, RAJDANGA MAIN ROAD, KOLKATA 700 107.

C. No.-V(19)2/HQAE/KOL-1/2010/Pt.1/ DATED:-

INCIDENT REPORT NO. 4 /2012

ACTING ON AN INFORMATION, OFFICERS OF HDQR. ANTI EVASION UNIT OF THIS COMMISSIONERATE INVESTIGATED THE MANUFACTURE AND CLEARANCE OF BRANDED GOLD & SILVER COINS BY M/S MUTHOOT PRECIOUS METALS CORPORATION HEADQUARTERED AT MUTHOOT CHAMBERS, OPP SARITHA THEATRE COMPLEX , BANERJI ROAD, KOCHI-682018 WITHOUT PAYMENT OF DUTY [.] DURING INQUIRY IT REVEALED THAT M/S MUTHOOT PRECIOUS METALS CORPORATION MANUFACTURED BRANDED GOLD & SILVER COINS THROUGH JOB-WORKER M/s VNM JEWEL CRAFTS LTD. FOR THEIR CUSTOMERS AND SOLD THROUGH THEIR BRANCHES LOCATED THROUGHOUT INDIA DURING 01.03.2011 TO 16.03.2012 WITHOUT PAYMENT OF CENTRAL EXCISE DUTY VIOLATING NOTIFICATION NO. 01/2011-CE DATED 01.03.2011 AS AMENDED AND THEREBY EVADED CENTRAL EXCISE DUTY TO THE TUNE OF RUPEES 4,50,55,933.00 [RUPEES FOUR CRORES FIFTY LAKHS FIFTYFIVE THOUSANDS NINE HUNDRED THIRTY THREE] ONLY (AS PER THEIR SUBMITTED DOCUMENTS) [.] M/S MUTHOOT PRECIOUS METALS CORPORATION HAVE NOT PAID DUTY DUE FROM THEM [.] FURTHER ACTION IS IN PROGRESS [.]

(S. K. DAS)

COMMISSIONER

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