ISLAMABAD: The Directorate General Post Clearance Audit (PCA) unearthed a fraud of misdeclaration on import of silk fabric. M/s Fida Trading International misdeclared the values of imported silk fabric and caused a revenue loss of Rs77.1 million.
Reportedly, Fida Hussain, proprietor of M/s Fida Trading, imported 211,624 kilogram silk fabric from China in 99 consignments during the period from May2010 to March2013. He declared the values of these fabrics in the range from US$6 per kilogram to US$22 per kilogram.
According to PCA sources, as per the Valuation Ruling 25-A-107, dated June 16, 2008 presently in the field, the determined floor price is US$30 per kilogram and the Ceiling price stretches from US$55 per kilogram to US$174 per kilogram.
Sources said that the imported silk yarn was being assessed at US$30 per kilogram ever since 16 June 2008. The importers of silk yarn are following this floor price. The ceiling price is, however, meeting a different treatment. The importers of silk fabrics are blatantly disregarding even the lower limit (US$ 55/kg) of the ceiling price range.
M/s Fida trading imported silk fabrics could be declared and assessed only at a value falling within the ceiling price range. Importer however, declared the values of imported silk fabric much below the floor price.
When asked to furnish import documents in justification of his bewilderingly low declared value. Importer misdeclared values of his imported silk fabrics in 99 goods declarations causing a loss of Rs77.1 million to the revenue.
