Mumbai: Customs officials at the airport on Wednesday arrested Yogin Jhaveri and Jayendra Jhaveri, directors of Ronak Gems, for evading Rs 1.3 crore duty in its import of precious stones.
The company mis-declared processed pearls as raw ones to evade 10% duty, officials said. The company declared the value as Rs 57 lakh. The department is also investigating the company's import of 130 consignments in the past five years. "We believe they have mis-declared the goods in these consignments too," an official said. The imports were made through the Precious Cargo Clearance Centre, formed for expeditious clearance of gem and jewellery meant for import and export. In another case investigated by the Directorate of Revenue Intelligence, the partners were issued a showcause notice around seven months ago for Rs 18 crore evasion.
28/05/14 Times of India
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The company mis-declared processed pearls as raw ones to evade 10% duty, officials said. The company declared the value as Rs 57 lakh. The department is also investigating the company's import of 130 consignments in the past five years. "We believe they have mis-declared the goods in these consignments too," an official said. The imports were made through the Precious Cargo Clearance Centre, formed for expeditious clearance of gem and jewellery meant for import and export. In another case investigated by the Directorate of Revenue Intelligence, the partners were issued a showcause notice around seven months ago for Rs 18 crore evasion.
28/05/14 Times of India
