Coal news and updates

The adjudication authority of the Directorate of Revenue Intelligence (DRI) has passed its first order upholding the showcause notice of the DRI against one of the 40 prominent coal importers being probed for alleged overvaluation of Indonesian coal imports, collectively pegged at Rs 29,000 crore. The adjudication authority, KVS Singh imposed a penalty of Rs 17.5 crore and Rs 1.25 crore on Delhi-based Knowledge Infrastructure Systems Pvt Ltd and its promoter, Rahul Bhandare for mis-declaration of coal quality and its imports, according to findings of a December 23 order reviewed by The Indian Express.

“I hold that the declared CIF (Cost, Insurance and Freight) value of the goods under the bills of entry and the quality parameters declared by the noticee (Knowledge Infrastructure Systems) in terms of the provision of rule 11 of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 are mis-declared and hence I reject the declared CIF value under rule 12 of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007,” said the adjudication order of Singh.

Source: Indian Express