Govt seizes more corporate jets

Tightening the noose, the government has seized more aircraft of leading companies like GMR, Oberois, India Bulls and has brought under scanner over 250 such planes acquired since 2007 to detect duty evasion.
Anybody found guilty of acquiring aircraft with duty exemption under Non-scheduled Operator Permit Scheme could be levied penalty up to five times the duty evasion, a finance ministry official said.
Sources in the Customs department said that as many as six aircraft were seized this month but released after the owners provided a bank guarantee and bonds in relation to the cost of aircraft.
The issue had first come up with seizure of two aircraft of Reliance Industries, but now planes belonging to corporate bigwigs like Tata, DLF, Escorts, Kingfisher, Punj Lloyd have come under government scrutiny.
A Customs official said some business houses had taken ‘advantage' of the duty exemption announced last year on import of aircraft meant for chartered flights.
More than 65 firms of the total 86 operators having the NSO permit are under scanner, sources said.
11/07/08 Press Trust of India/Business Standard

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Categories: Indian Aviation- In General Jul 2008