!!! Trade Alerts!!!

Misuse of Export Promotion Incentives by Exporters

Dear Member,

The Council would like to inform you that the Directorate of Revenue Intelligence (DRI) has detected 470 cases related to misuse of export promotion incentives involving Rs 4,087.12 crore in the last three fiscals.

Further, the CBI too has registered 16 cases worth Rs 78 crore during the last three years related to the misuse of customs and export promotion incentives.

There are reports that certain companies are indulging in fraudulent practices to capitalise on the customs and export promotion incentives as well as to bag special concessions given by the Directorate General of Foreign Trade (DGFT).

We request our Member-Exporters to take note of the above. It is requested that due diligence to be followed while availing benefits of Export Promotion Schemes.

You may refer the following news article which has appeared in The Economic Times dated 30^th July, 2015:

http://economictimes.indiatimes.com/news/economy/foreign-trade/directorate-of-revenue-intelligence-detects-470-cases-of-misuse-of-export-incentives/articleshow/48284383.cms

Thanks,

V. Anil Kumar
Executive Director