New Delhi: The DRI has seized Rs 5.62 crore from two importers while probing a case of import duty evasion.
The amount was seized during search operations in the investigation of alleged under-invoicing (in which the price of a good on an invoice is shown less than the amount actually paid) in import consignments of self-drilling screws from China and Taiwan.
New Rs 500 and Rs 2,000 currency notes totalling Rs 5.62 crore have been seized from the residential premises of the importers, a press release issued today by Directorate of Revenue Intelligence (DRI) said.
The agency is looking into the case of import of the self-drilling screws which have been under-invoiced and are lying in Inland Container Depot, Tughlakabad and warehouses of the importers.
The total customs duty evasion is likely to be tune of Rs 20 crore, it said.
"The importers have admitted that the new currency notes were part of the sale proceeds of the goods imported by way of undervaluation," the release said.
