New Probe

Customs is investigating how GoldQuest Tracking Centre Owners (TCOs), who popularise the scheme, paid only Rs. 3,000 in taxes and duty for the Rs. 80,000 plus priced gold coins purchased from the companys website.rn

rnThe inquiry has found that some consignments were cleared on an endorsement from the Department of Import and Export Control.rn

rnPreviously, a courier company cleared the goods and customers paid around Rs. 9,000 as duty and taxes.rn

rnCustoms investigators have already questioned senior Imports and Exports Control Department officials.rn

rnThey have also questioned the management of the shipping company and around 50 customers in the under-invoicing probe.rn

rnThough ultimate buyers had paid upwards of Rs. 80,000 per gold coin, the shipping firm, which cleared the goods, had allegedly declared a lower amount. rn

rnCustoms are supposed to recover the duty on the transaction value, which is paid by the ultimate buyer and not the price of raw material.rn

rnCustoms investigators