India, Aug. 16 -- The Government of India has issued a release:
The Directorate of Revenue Intelligence (DRI), in a month-long intelligence-led operation, has dismantled a major network involved in importing South-East Asian areca nuts into India by falsely declaring them as Bangladeshi origin and fraudulently availing concessional duty benefits under the South Asian Free Trade Area (SAFTA). The investigation has so far revealed a potential revenue loss of more than Rs. 2,500 crore. Nine persons have been arrested in connection with the case.
The import of areca nuts into India attracts a Basic Customs Duty (BCD) of 100%. However, eligible imports of areca nuts made under SAFTA agreement are fully exempt from customs duty. The areca nuts...