According to the officials, the Directorate has received credible information that the Lahore-based importer along with their clearing agent is involved in evasion of duty and taxes by way of disposing of iron and steel sheet/soils, imported under concessionary SRO 655(l)/2006 in the local market. The imported goods can only be consumed by the importer for manufacturing of parts and accessories of motorcycles.
Reacting on this information, a team from Directorate has raided at a warehouse located at SITE and recovered 18 iron and steel coils weighed 144 metric tons, which, as per the stickers pasted thereon showing production and heat numbers, were actually imported by the Lahore-based importer.
The said coils were illegally sold to a Karachi-based company instead of transporting them to Lahore for further production.
The total quantity of coils cleared is 513 metric tons, of which, 144 metric tons were recovered from the warehouse while rest of the 369 metric tons have, reportedly, been disposed of in the market.
The recovered goods have been seized for evasion of duty/taxes to the tune of Rs 11.68 million. Furthermore, as per PRAL data, 15,317 metric tons of prime quality iron & steel sheet/coils were imported by the said unit since July 1, 2016 under SRO 655(I)/2006.
The entire quantity has been misappropriated clandestinely in the local market, involving duty taxes amounting to Rs 374.2 million. A case has been registered. Further investigation is under way.