P. 134

 The documents revealed that although foreign exchange was remitted out of the country immediately on receipt of import consignments, yet no foreign exchange was received against the exports. This activity started in 2017 and by the end of 2019, more than 20 companies/firms had got involved in this fraudulent activity of import and export of “’Fragrance Oil (Perfumery Compound), having declared value of more than Rs. 5,500 crores.
The declared per litre value of these goods progressed from USD 190 per litre in 2017 to USD 625 per litre in 2019. The declared value of the goods found available at ICD was USD 585. Samples were drawn from the consignments. Market cost of these consignments was found to be in range of Rs. 138 to 391 per litre. Accordingly, consignments of “Fragrance Oil /Perfumery Compound” having cumulative declared FOB value Rs. 619 Crore were seized at different ports and FTWZs. Three persons were arrested by DRI in this case.
The Export Oriented Unit (EOU) scheme was introduced in early 1981, and it is complementary to the SEZ scheme. It adopts the same production regime but offers a wide option in terms of location, with reference to factors like source of raw materials, ports of export, hinterland facilities, availability of technological skills, existence of an industrial base and the need for a larger area of land for the project.
Prohibitions and Restrictions
The Directorate General of Foreign Trade ( DGFT) imposes various prohibitions and restrictions on Import / Export of certain goods on the basis of national priorities, security concerns and international commitments.
These restrictions are often side-stepped by the scheming importers and exporters, inter alia, by misdeclaration of description, concealment of goods in cover cargo, and import of extra quantum of restricted goods under a license, etc.

   132   133   134   135   136