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
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
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
BEETEL TELETECH LTD.
QUICK HEAL TECHNOLOGIES PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
VERSA NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Bhavish Aggarwal
Indian entrepreneur Bhavish Aggarwal is the CEO of Ola, India’s larg...
ICONS OF INDIA : SOM SATSANGI
With more than three decades in the IT Sector, Som is responsible for ...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
PARTNER SPEAKERS
PSU
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
