Dept suspects capital flight using fake bills
KATHMANDU:
Department of Customs has suspected capital flight using fake abbreviated customs declaration forms that has been on rise in recent months.
“The department has unearthed fake abbreviated customs declaration forms, according to the department director general Tanka Mani Sharma. The department has started probe into it with the help from Department of Revenue Investigation, he said, adding that there could be two reasons behind producing fake abbreviated customs declaration forms, to produce legal documents to the imported goods through illegal points or to misuse foreign currency.
The department will have a difficult time, if it is planned laundering of foreign currency, he said. “Use of fake customs declaration forms clearly suggests capital flight.”
“The forms which are not in the record of Customs Offices are considered as a fake abbreviated customs declaration forms,” he informed, adding that the department has directed all the Customs Offices across the country to pay extra attention and tighten the customs points.
The Department of Revenue Investigation is also investigating the issue. “Currently, the department has suspected some traders and firms and investigating,” a source at the Finance Ministry said, adding that it will trace out more cases within few days.
The department has suspected capital flight by two Birgunj-based firms — Shyam Galla and JB traders and arrested them. It is estimated that some Rs 300 million has been misused by Shaym Galla and Rs 160 million by JB Traders, according to the source.
It is not clear whether employees at the Customs Offices are involved in producing fake abbreviated customs declaration forms or not, another source at the Department of Revenue Investigation said, adding that it will carry out investigation in collaboration with the Department of Customs and police.
The issue had come into the light after police on August 29 nabbed five people with fake customs declaration forms. They were trying to get more than Rs 7.52 million transferred to India on the basis of the counterfeit documents.
The fake forms suggested they had exported goods like cumin seeds and computer parts to Nepal. Following the arrest, police had frozen their accounts.
The ministry since last fiscal year had introduced abbreviated customs declaration forms mandatory to check the uncontrolled imports and expedite the government’s revenue mobilisation. The Department of Customs is committed to implement the provision of abbreviated customs declaration forms more effectively, Sharma pledged.
Source: THT
Department of Customs has suspected capital flight using fake abbreviated customs declaration forms that has been on rise in recent months.
“The department has unearthed fake abbreviated customs declaration forms, according to the department director general Tanka Mani Sharma. The department has started probe into it with the help from Department of Revenue Investigation, he said, adding that there could be two reasons behind producing fake abbreviated customs declaration forms, to produce legal documents to the imported goods through illegal points or to misuse foreign currency.
The department will have a difficult time, if it is planned laundering of foreign currency, he said. “Use of fake customs declaration forms clearly suggests capital flight.”
“The forms which are not in the record of Customs Offices are considered as a fake abbreviated customs declaration forms,” he informed, adding that the department has directed all the Customs Offices across the country to pay extra attention and tighten the customs points.
The Department of Revenue Investigation is also investigating the issue. “Currently, the department has suspected some traders and firms and investigating,” a source at the Finance Ministry said, adding that it will trace out more cases within few days.
The department has suspected capital flight by two Birgunj-based firms — Shyam Galla and JB traders and arrested them. It is estimated that some Rs 300 million has been misused by Shaym Galla and Rs 160 million by JB Traders, according to the source.
It is not clear whether employees at the Customs Offices are involved in producing fake abbreviated customs declaration forms or not, another source at the Department of Revenue Investigation said, adding that it will carry out investigation in collaboration with the Department of Customs and police.
The issue had come into the light after police on August 29 nabbed five people with fake customs declaration forms. They were trying to get more than Rs 7.52 million transferred to India on the basis of the counterfeit documents.
The fake forms suggested they had exported goods like cumin seeds and computer parts to Nepal. Following the arrest, police had frozen their accounts.
The ministry since last fiscal year had introduced abbreviated customs declaration forms mandatory to check the uncontrolled imports and expedite the government’s revenue mobilisation. The Department of Customs is committed to implement the provision of abbreviated customs declaration forms more effectively, Sharma pledged.
Source: THT
