Excise Evasion of Rs. 4.50 crs in Gold and Silver Coins by Muthoot Precious Metals Corp Alleged

[Ref: C. No.-V(19)2/HQAE/KOL-1/2010/Pt.1/ Dated 7 September 2012]

Incident Report No. 4 /2012

Acting on an information, officers of Hdqr. Anti Evasion Unit of this Commissionerate investigated the manufacture and clearance of branded gold & silver coins by M/s Muthoot Precious Metals Corporation headquartered at Muthoot Chambers, Opp Saritha Theatre Complex , Banerji Road, Kochi-682018 without payment of duty [.] During inquiry it revealed that M/s Muthoot Precious Metals Corporation manufactured branded gold & silver coins through job-worker M/s VNM Jewel Crafts Ltd. For their customers and sold through their branches located throughout India during 01.03.2011 to 16.03.2012 without payment of central excise duty violating notification no. 01/2011-CE dated 01.03.2011 as amended and thereby evaded central excise duty to the tune of Rupees 4,50,55,933.00 [Rupees Four crores Fifty Lakhs Fifty five Thousands Nine Hundred Thirty Three] only (as per their submitted documents) [.] M/s Muthoot Precious Metals Corporation have not paid duty due from them [.] Further action is in progress [.]