Misuse/abuse of DEPB Scheme by M/s. S.S. Watch Industries, Jaipur and others – reg

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.... of Finance Department of Revenue Central Board of Excise & Customs Sub: Misuse/abuse of DEPB Scheme by M/s. S.S. Watch  Industries, Jaipur and others - reg. CC, ACC(Exports), New Delhi has reported a novel modus operandi about misuse of DEPB Scheme against a group of companies viz. M/s. S.S. Watch Industries, Jaipur, M/s. Rama Watch Industries, Rajkot, M/s. Hanu Exports (India), ....

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....es by adopting this modus-operandi out of which there is evidence of 65,000 watches at Air Cargo, Mumbai and Delhi.  The above firms used to avail illegally DEPB benefit @ 17% at the time of export of such watches.  Evidences collected so far by CC, ACC (Exports), New Delhi indicate involvement of foreign exchange to the tune of Rs.5 crores and DEPB benefit of more than Rs.1 crore. ....