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‘DRI unearths scam involving wrongful import of canola oil’

Certain importers misused provisions of the South Asian Free Trade Agreement (SAFTA) to evade around Rs 25 crore of customs duty by disguising import of canola oil as rapeseed oil, they added.

By: ENS Economic Bureau | New Delhi | Published: February 15, 2020 2:07:25 am
canola oil, canola, canola oil obesity, canola oil benefits, canola oil health benefits, canola oil belly fat, canola oil diet, canola oil weight loss, weight loss, diet plans, health news, latest news, Certain importers misused provisions of the South Asian Free Trade Agreement (SAFTA) to evade around Rs 25 crore of customs duty by disguising import of canola oil as rapeseed oil, they added. (File)

The Directorate of Revenue Intelligence (DRI) has unearthed a major scam involving import of canola oil of Canadian origin by wrongly declaring it as rapeseed oil from Bangladesh to evade taxes, sources in the Finance Ministry said.

Certain importers misused provisions of the South Asian Free Trade Agreement (SAFTA) to evade around Rs 25 crore of customs duty by disguising import of canola oil as rapeseed oil, they added.

During December-January, around 15,000 tonnes of ‘crude rapeseed oil’ was imported through Ghojadanga LCS from Bangladesh availing duty exemption under SAFTA as against minimal quantity earlier in 2017, 2018 and 2019 (upto November).

Further investigations are in progress.

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