TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Companies Exploit DEPB Scheme: Exporting Indian Watches as Foreign to Illegally Gain Benefits; Investigation Underway.</h1> The circular addresses the misuse of the Duty Entitlement Passbook (DEPB) Scheme by several companies, including M/s. S.S. Watch Industries and others. These firms engaged in recycling Indian-made watches under the DEPB Scheme to gain illegal benefits. The watches, produced by M/s. Rama Watch Industries, were exported to Dubai at inflated prices and re-imported at lower prices, falsely declaring them as Chinese or Hong Kong origin. Approximately 560,000 watches were exported using this scheme, with evidence of 65,000 watches. The operation involved foreign exchange worth Rs. 5 crores and DEPB benefits exceeding Rs. 1 crore, with suspicions of financing through illegal channels. Further investigations are ongoing, and customs officers are advised to prevent similar occurrences.
TaxTMI 
TaxTMI 
