| Date: |
27-04-2015 |
| Subject: |
DRI Detects Undervaluation of Liquor Imported by 4 Companies |
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NEW DELHI: The Directorate of Revenue Intelligence (DRI) has detected undervaluation of liquor imported by four companies, including Pernod Ricard India and Diageo India, in the last two financial years.
In a written reply to Lok Sabha, Minister of State for Finance Jayant Sinha said that DRI detected undervaluation of liquor imported by Pernod Ricard India Private Ltd as Rs 140 crore, Diageo India Private Ltd Rs 47 crore and Angus Dundee India Private Ltd Rs 75 lakh during 2014-15.
In 2013-14, DRI detected undervaluation in import by William Grant and Sons. The undervaluation was Rs 60 lakh. In 2014-15, total liquor imported into the country was valued at Rs 1,788 crore and Rs 1,524.82 crore in the previous fiscal.
The DRI has unearthed a scam involving companies inflating the value of coal imports from Indonesia for their power plants thus siphoning money abroad. Sinha added that DRI is investigating a case of over-invoicing of coal imported from Indonesia involving number of Indian firms.
However, he further added that the probe is in preliminary stage and it would be premature to quantify the exact amount involved. Indian companies including public sector ones imported 77 million tonne of coal from Indonesia, in the financial year 2012-13.
Source : newindianexpress.com
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