Ahmedabad: DRI recovers Rs 52 cr from exporters
The agency said that the exporters had voluntarily paid Rs 52 cr so far towards wrongful availment of excess benefit under MEIS by resorting to mis-classification having value of more than Rs 5,500 cr
The Directorate of Revenue Intelligence (DRI), Ahmedabad, recovered from Rs 52 crore from insecticide exporters, who were wrongfully claiming incentives by mis-classifying their products.
DRI said in a release that its officers conducted searches at various insecticide exporters based in Gujarat, Mumbai and Tamil Nadu in view of specific intelligence that they were indulging in mis-classification of their export product 'insecticides'.
"By doing so, they were wrongfully claiming Merchandise Exporters from India Scheme (MEIS) benefit at 3% of FOV (free on board value) of their export product against their actual entitlement of 2%," DRI said in a release. The agency said that the exporters had voluntarily paid Rs52 crore so far towards wrongful availment of excess benefit under MEIS by resorting to mis-classification having value of more than Rs 5,500 crore.
MEIS is an export incentive scheme of the central government under which exporters get 1% to 7% of FOB value of export product as incentive depending upon the product and customs tariff heading under which it is classifiable.