Regarding undervaluation in the imports of branded glassware by M/s Swastik Stockists and Traders Private Limited, a Kolkata based importer

DIRECTORATE OF REVENUE INTELLIGENCE

KOLKATA ZONAL UNIT

8, HO CHI MINH SARANI,

KOLKATA-700071

PRESS RELEASE

Based on specific information about gross undervaluation in the imports of branded glassware by M/s Swastik Stockists and Traders Private Limited, a Kolkata based importer, the officers of Kolkata Zonal Unit of DRI searched the office premises of the importer at kolkata on 13.08.09 and recovered certain incriminating documents examination of which revealed that the importer is engaged in importing glassware of famous brands like that of M/s Arc International. France, M/s Walther Glass, Germany, M/s Ocean Glass Company, Thailand etc through a trader based in Hong Kong, namely M/s Kwong Tung Trade Links. Till date 14 (fourteen) such consignments have been imported where the declared value is found to be not even 20% of the value declared by M/s East Coast Distributors (P) Ltd, Mumbai, the main distributor of the said brands in India. The godown of the importer at P-52 Hide Road was also searched and the imported stock of glassware lying in the godown with declared value of Rs. 26 lakhs (approx.) was seized. Preliminary estimates shows import duty evasion to the tune of Rs. 60 (sixty) lakhs (approx.). The importer, M/s Swastik Stockists and Traders (P) Ltd admitted the fact of undervaluation and have already deposited Rs. 20 (twenty) lakhs as first installment towards differential duty payable on the imported goods. Further investigation is on.