PRESS RELEASE - Misuse of duty free credit entitlement certificate scheme by M/s. V.K.Udyog Ltd PRESS RELEASE - Misuse of duty free credit entitlement certificate scheme by M/s. V.K.Udyog Ltd Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Latest Circulars »

Open DEMAT Account in 24 hrs
Annual Closing of Government Accounts Transactions of Central / State Governments Special Measures for the Current Financial Year (2022-23)
Directions under Section 35 A read with section 56 of the Banking Regulation Act 1949 (As Applicable to Co-operative Societies) Pune Sahakari Bank Ltd., Shivajinagar, Pune
Designation of 1 individual and 2 organisations under Section 35(1) (a) and 2(1) (m) of the Unlawful Activities (Prevention) Act,1967 and their listing in the Fourth and First Schedule of the Act- Reg.
Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 - Status
RBI imposes monetary penalty on The Vaidyanath Urban Co-operative Bank Limited, Parli Vaijnath, Beed (Maharashtra)
Finance Minister addresses the Central Board of Directors of Reserve Bank of India
Finance Minister addresses the Central Board of Directors of Reserve Bank of India
Issuance of PPIs to Foreign Nationals / Non-Resident Indians (NRIs) visiting India
RBI statement on the health of Indian Banking sector
Implementation of Section 51A of UAPA,1967: Updates to UNSCs 1267/ 1989 ISIL (Daesh) & Al-Qaida Sanctions List (Amendments to 29 entries)
Designation of 3 individuals as Terrorists under Section 35 (1) (a) of the Unlawful Activities (Prevention) Act (UAPA), 1967 and their listing in the Schedule IV of the Act-Reg.


« Customs (N. T.) - Notification No. 25/2011...	PRESS RELEASE - Seizure of 6110 Kgs. of red sanders wood... »
PRESS RELEASE - Misuse of duty free credit entitlement certificate scheme by M/s. V.K.Udyog Ltd

April, 07th 2011
GOVERNMENT OF INDIA DIRECTORATE OF REVENUE INTELLIGENCE KOLKATA ZONAL UNIT 8, Ho Chi-Minh Sarani, Kolkata- 700071 Telephone:- (033)-2282 3321, Fax:- (033)-2282 4465 ______________________________________ Press release MISUSE OF DUTY FREE CREDIT ENTITLEMENT CERTIFICATE SCHEME BY M/S. V.K.UDYOG LTD. Intelligence suggested that M/s. V.K.Udyog Ltd. has imported LDPE/HDPE granules and PP granules without payment of duty under Duty Free Credit Entitlement Certificate and availing exemption under Notification No. 53/2003-Cus dated 01.04.2003 during 2009-10 and 2010-11 and sold these materials in the market. As per the condition of the aforesaid notification the imported goods cannot be sold or transferred. Consequently, searches were undertaken on 22.03.2011 in the offices of the above firm and certain incriminating documents were seized. On preliminary investigation, it was revealed that the actual importers are (1) M/s R.S.Vanijya Pvt. Ltd. (2) M/s. Roto Global Pvt. Ltd. (3) M/s. Exotica Global Pvt. Ltd. (4) M/s P.P.Products Pvt. Ltd. (5) M/s. Creative Ploypacks and (6) M/s Accenture Niryaat Pvt. Ltd and to effect those imports without payment of duty, they got the bills of entry filed by M/s V.K.Udyog Ltd.(certificate holder) under duty free Scheme showing transfer/sale of those import consignments on high sea sale basis to the said firm M/s. V.K.Udyog Ltd. The duty foregone on account of duty free import is about Rs. 2.79 crore (approx). The importer has admitted the aforesaid fact of duty foregone and deposited duty amount of Rs. 1.40 crore. Further investigation is in progress. Sd/ (05.04.2011) (VASA SESHAGIRI RAO, IRS) ADDITIONAL DIRECTOR GENERAL