Customs Duty Fraud

An Indian jeweller has been indicted for illegally evading customs duties for millions of dollars of jewellery imports into the US and operating unlicensed money transmitting businesses, a US attorney has said.

A Gujarat court today declared fugitive diamantaire Nirav Modi as a "proclaimed absconder" in a customs duty evasion case, filed in March and ordered him to appear in person on November 15. A public notification was issued earlier in the day in newspapers, and also sent to government and police departments, where Nirav Modi was declared proclaimed ...

It has not been a good year for the banking sector. As top lenders of the country - SBI, PNB and Canara Bank - uncovered banking frauds, one after another, customers and investors lost their trust in financial institutions while the government and the central bank exchanged a war of words. The government asked the Reserve Bank of India to fulfil i...

Section 28 of the Customs Act, 1962, has been amended and now the amount of penalty payable in cases involving fraud, collusion, wilful mis-statement or suppression of facts with the intent to evade payment of duty, shall be fifteen per cent instead of 25 per cent.

DRI, which acts as lead agency to check smuggling and commercial fraud, has detected 694 cases of commercial fraud involving customs duty evasion of Rs 3,112 crore in the last fiscal, official sources said.

An Indian jeweller has been indicted for illegally evading customs duties for millions of dollars of jewellery imports into the US and operating unlicensed money transmitting businesses, a US attorney has said.

A Gujarat court today declared fugitive diamantaire Nirav Modi as a "proclaimed absconder" in a customs duty evasion case, filed in March and ordered him to appear in person on November 15. A public notification was issued earlier in the day in newspapers, and also sent to government and police departments, where Nirav Modi was declared proclaimed ...

It has not been a good year for the banking sector. As top lenders of the country - SBI, PNB and Canara Bank - uncovered banking frauds, one after another, customers and investors lost their trust in financial institutions while the government and the central bank exchanged a war of words. The government asked the Reserve Bank of India to fulfil i...

Section 28 of the Customs Act, 1962, has been amended and now the amount of penalty payable in cases involving fraud, collusion, wilful mis-statement or suppression of facts with the intent to evade payment of duty, shall be fifteen per cent instead of 25 per cent.

DRI, which acts as lead agency to check smuggling and commercial fraud, has detected 694 cases of commercial fraud involving customs duty evasion of Rs 3,112 crore in the last fiscal, official sources said.