DRI to take action against IC defaulters
KATHMANDU:
After completing preliminary investigation, Department of Revenue Investigation is all set to take action against all defaulters involved in Indian Currency (IC) misappropriation under Foreign Exchange (Regularisation) Act, according to director general Shanta Bahadur Shrestha.
“The department will immediately start action against all the firms under to Foreign Exchange (Regularisation) Act at first,” he said, adding that other acts including Revenue Leakages (Investigation and Control) Act might be attracted later, if they are found guilty in revenue leakages too.
The department has come to the conclusion that it should take action against eight firms since they have misappropriated Indian Currency through 599 fake customs declaration forms, he added.
The department has forwarded the customs declaration forms to the Department of Custom and it had on September 16 tallied all forms and found them all fake. The Department of Revenue Investigation has suspected some Rs 1 billion IC misappropriation from the fake customs declaration forms, he informed.
However, the department is yet not clear regarding the action against banks involved in the case, according to the department.
An investigation team that was deployed by Nepal Rastra Bank (NRB) on Wednesday has sought justifications from six commercial banks and they are yet to submit them clarification, the department source said, adding the department will decide the type of action after it gets clarifications.
Nepal Rastra Bank team is expected to finalise investigation process by Tuesday, according to the bank source. Banks will face action under the Foreign Exchange Act, if they have proved to be approving foreign currency exchange without filling foreign currency exchange form, the central bank said.
Meanwhile, the Department of Revenue Investigation is planning to send a team for a detailed investigation into the issue. The department will carry out the investigation in other parts of the country including Biratnagar, Butwal, Bhairahawa and other districts bordering to India besides Birgunj, Shrestha added.
Some of the businessmen have been misusing the banks to draw IC fuelling the capital flight apart from informal business channels. They have been using the banks in the bordering districts as it will be easier for them to draw IC and pay to traders which has been not only hurting the government coffer but also widening the gas between formal and informal channels.
DRI confiscates 12 vehicles Department of Revenue Investigation seized 12 vehicles carrying under-valued goods from Tribhuvan International Airport (TIA) customs office. The department took the vehicles under their control after getting tip-offs that they were importing under-valued goods, a source at the department said, adding that the investigation process will begin on Monday. The vehicles were importing garments and foreign watch, according to him.
Source: THT
After completing preliminary investigation, Department of Revenue Investigation is all set to take action against all defaulters involved in Indian Currency (IC) misappropriation under Foreign Exchange (Regularisation) Act, according to director general Shanta Bahadur Shrestha.
“The department will immediately start action against all the firms under to Foreign Exchange (Regularisation) Act at first,” he said, adding that other acts including Revenue Leakages (Investigation and Control) Act might be attracted later, if they are found guilty in revenue leakages too.
The department has come to the conclusion that it should take action against eight firms since they have misappropriated Indian Currency through 599 fake customs declaration forms, he added.
The department has forwarded the customs declaration forms to the Department of Custom and it had on September 16 tallied all forms and found them all fake. The Department of Revenue Investigation has suspected some Rs 1 billion IC misappropriation from the fake customs declaration forms, he informed.
However, the department is yet not clear regarding the action against banks involved in the case, according to the department.
An investigation team that was deployed by Nepal Rastra Bank (NRB) on Wednesday has sought justifications from six commercial banks and they are yet to submit them clarification, the department source said, adding the department will decide the type of action after it gets clarifications.
Nepal Rastra Bank team is expected to finalise investigation process by Tuesday, according to the bank source. Banks will face action under the Foreign Exchange Act, if they have proved to be approving foreign currency exchange without filling foreign currency exchange form, the central bank said.
Meanwhile, the Department of Revenue Investigation is planning to send a team for a detailed investigation into the issue. The department will carry out the investigation in other parts of the country including Biratnagar, Butwal, Bhairahawa and other districts bordering to India besides Birgunj, Shrestha added.
Some of the businessmen have been misusing the banks to draw IC fuelling the capital flight apart from informal business channels. They have been using the banks in the bordering districts as it will be easier for them to draw IC and pay to traders which has been not only hurting the government coffer but also widening the gas between formal and informal channels.
DRI confiscates 12 vehicles Department of Revenue Investigation seized 12 vehicles carrying under-valued goods from Tribhuvan International Airport (TIA) customs office. The department took the vehicles under their control after getting tip-offs that they were importing under-valued goods, a source at the department said, adding that the investigation process will begin on Monday. The vehicles were importing garments and foreign watch, according to him.
Source: THT
