• search
For Quick Alerts
For Daily Alerts

DRI seizes machinery worth Rs 189 crore from Janardhan Reddy promoted industry

By Vicky

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.

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

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more