Sunday, 17 July 2011

Hyundai Motor India under customs department and Directorate of Revenue Intelligence (DRI)scanner



Hyundai Motor India Ltd (HMIL) has irked the Directorate of Revenue Intelligence (DRI) and customs department for allegedly violating customs rules in India. If proven, HMIL’s Accredited Clients Programme (ACP) status would be revoked for 2011, and that would stop the company in its tracks when it comes to faster imports cleared by customs.
A Livemint report states that DRI issued an alert as HMIL was found to be importing automobile components through “misdeclaration,” and that Hyundai Motors India was fined Rs. 8.64 crore. The DRI alert read, “Hyundai Motor India has been resorting to misdeclaration of the value of automobile components imported by them for manufacturing of motor vehicles. The modus operandi was to declare different prices for the same item with same part number in same invoice and bill of entry.”

As per the DRI alert, HMIL admitted to the charges when investigated, and was charged the aforementioned fine for the period of 2008-10, and that they suspected this was misdeclaration has been in practice since November 2005. In response, senior VP (finance and corporate affairs), R. Sethuraman said, “HMIL imports all the components based on the transaction value and the relevant duty has been paid to the appropriate authorities with full documentation.” He further added that the company’s ACP facility is still applicable.

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