KARACHI: Customs Intelligence & Investigation (Enforcement) has lodged an FIR against an importer for evading government’s legitimate revenue through misuse of SRO 492(I)/2009.
Brief facts of the case are that a credible information was received in the Directorate General of Intelligence and Investigation-FBR (Customs Enforcement) to the effect that M/s. Royal Star Trading, Karachi, imported number of consignments of Printed Empty Cartons from China which were cleared availing exemption from payment of duty and taxes under SRO 492(1)/2009 against furnishing of Indemnity Bonds / Post Dated Cheques, equivalent to the amount of duty and taxes otherwise leviable thereon.
In terms of sub clause (iv) of said SRO, the importer was statutorily bound to export such temporarily imported goods after due – process within a period of 18 months of its importation. Moreover, on request of importer the said period is extendable by the Collector for further six months on payment of one percent surcharge per month on C&F value of goods for which extension has been sought.
However, as per source the said importer have not exported the entire quantity of temporarily imported cartons within the stipulated / extended period and have disposed of the said goods in the open market causing thereby substantial loss of revenue to the state exchequer. [the_ad id=”31605″] In order to confirm the veracity of information, import and export data of M/s. Royal Star Trading, Karachi, (NTN No. 2824476) was retrieved from PRAL data bank through online system. From the perusal of said data it transpired that M/s, Royal Star Trading Karachi imported four consignments of Empty Printed Corrugated Cartons Top Bottom for Fruit Packing from China. The said four consignments containing a total number of 266,000 cartons were cleared without payment of duty and taxes through M/s Abdul Aziz Savul & Co Karachi, furnishing Indemnity Bond and postdated cheques.
However, the said company only re-exported 58,629 cartons and the remaining 207,371 cartons involving duty and taxes of Rs8.29 million were illegally sold in the local market.
Meanwhile, on the instructions of Director Yaqoob Mako, Additional Director Farrukh Sajjad has formed a team comprising Deputy Directors Amjad Rajpar and Tauseef Gorchani for audit and scrutiny of all temporary imports as part of a drive against misuse of concessionary regulatory orders.
Customs Intelligence & Investigation is auditing the import and export of business entities, which imported raw material for the purpose of value-addition and re-export availing the benefits of SRO 492(I)/2009.