Department clueless on IC misusers

KATHMANDU,DEC 21: 

The Department of Revenue Investigation is facing hard times to bring guilty of Indian Currency (IC) misappropriation scam into book. “Whom to bring into book since there seems no legal existence of any firms involved in IC misappropriation,” director general at the department Shanta Bahadur Shrestha said.

The department had arrested four persons in cooperation with Nepal Police so far. “But only two of them are owners and others are employees,” he said, adding that some firms involved in IC misappropriation have used fake PAN number. “Only banks have legal existence in the IC misappropriation scam.”

However, the investigation is unfolding many new angles and the defrauded amount is also increasing steadily. 

The amount has touched IRs 1.19 billion until today.

“Sheer negligence from the banks have been key reason behind the scam,” Shrestha said, “Firms have succeeded in withdrawing millions of IC repeatedly using a single customs declaration form with the same registration number.”

The amount of IC misuse from NIC Bank reached IRs 624.7 million, the largest transactions among the banks. Similarly, SBI Bank, Laxmi Bank, Everest Bank, Siddhartha Bank, Citizens’ Bank International, Nepal Bank, NIBL and NB Bank have released IRs 312.3 million, IRs 124.1 million, IRs 30 million, IRs 73.4 million, IRs 1,500,000, IRs 890,000, IRs 10.3 million and IRs 12.1 million, respectively, Shrestha added.

Meanwhile, the central bank is also finalising its report. “The banks have missed to follow Know Your Customer (KYC) policy,” according to the source involved in the report preparation.

China visa consultancy centre

Department of Revenue Investigation is investigating against China Visa Consultancy Centre after receiving complaint of VAT evasion by undercounting the number of visa. It has asked Foreign Ministry to help probe.