Banks issued seizure notices for octroi evasion
By Vaibhav Aggarwal
Nov 11, 2009
Print    Email    RSS   

The civic octroi department, Pune has issued seizure notices to 4 leading banks for evading octroi on sale of gold coins and bars worth Rs. 2 crore. Octroi is a local tax on articles purchased for consumption.

The Pune Minicipal Corporation (PMC) had initially issued notices to 41 banks questioning them about their gold transactions. Out of these 20 banks responded clarifying that they did not deal in gold.

Of the rest 20, six had paid the taxes and thus final notices were issued to 15 banks. Cases were finally filed against 7 banks and the due date for the remaining has been extended to November 12, 2009.

Rajan Muthe, head of the octroi department, said that three banks have moved the court, while four others have been issued seizure notices. He added that dues worth Rs 4.04 crore had been paid and dues amounting to around Rs. 19.09 crore were still unpaid.

Muthe revealed that according to the information from the sales tax department, the revenue from gold is to the extent of Rs 1,000 crore in Pune.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

BPLR or Base rate?? Which is better…?
Do rising NPAs reflect an ailing banking...
Getting the best rates on your personal...
Guidelines to apply for NRI Personal Loans
A chronicle of excesses by loan recovery...

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive