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DRI seizes machinery worth Rs 189 crore from Janardhan Reddy promoted industry
The Directorate of Revenue Intelligence has seized imported machinery worth Rs 189 crore belonging to the Brahmani Industries which is promoted by Gali Janardhan Reddy.
The seizure comes in the wake of a probe being conducted by the DRI for alleged evasion of custom duty on capital goods and machinery imported through the Chennai port in 2009.
It was alleged that the goods were being imported by availing customs duty exemption under Exports Promotion Capital Goods Scheme. Under the policy the machinery was to be installed within six months from the date of import and fulfil the export obligation equal to eight times the duty saved. This ought to have been done by exporting goods using the imported material.
The DRI alleged that the industry violated the scheme. It was found that the machinery had not been installed and no exports had been made even after 8 years.
OneIndia News
