DRI detects evasion of customs duty of Rs 2,217 crore by Vivo India
By MYBRANDBOOK
In a statement issued by the Finance Ministry said that the Directorate of Revenue Intelligence (DRI) has noticed evasion of customs duty of around Rs 2,217 crore by China-based smartphone maker Vivo Communication Technology.
During the investigation, searches were conducted by DRI officers at the factory premises of Vivo India, which led to the recovery of incriminating evidence indicating wilful misdeclaration in the description of certain items imported by it for use in the manufacture of mobile phones, it said.
This misdeclaration resulted in wrongful availment of ineligible duty exemption benefits by Vivo India, amounting to ₹2,217 crore, the statement said.
A show cause notice has been issued to Vivo India after completion of the investigation demanding customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act, 1962, it added.
Vio India voluntarily deposited Rs 60 crore towards discharge of their differential duty liability, the statement said.
Vivo India is a subsidiary company of Vivo Communication Technology, Guangdong, China, and is engaged in the business of manufacturing, assembling, wholesale trading as well as distribution of mobile handsets and accessories.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
BPE INDIA PVT. LTD.
LAVA INTERNATIONAL LTD.
DRUVA SOFTWARE PVT. LTD.
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
PARTNER SPEAKERS
PSU
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
