Tk 10.4b bank guarantees of importers lying with customs for long
Our Correspondent | Tuesday, 3 June 2008
CHITTAGONG, June 02: Against 12 thousand bank guarantees an amount of Taka 10.40 billion has been lying with Chittagong Customs House (CCH) for a long time due to whimsical attitude of dishonest customs officials.
Meanwhile, encashment and return of money has begun with the intervention of the joint forces, concerned sources said.
Under the supervision of a high-power committee of the Customs authority, as many as 79 bank gurantees had been settled during the last few days and Taka 51.8 million had been returned to the concerned importers. Joint forces have called for finalising uptodate information of the bank guarantees which have still been lying unsettled.
According to the concerned sources, in case of any controversy on valuation of imported goods in connection with taxation, concerned importers resort to legal means.
In most of the cases it appears that as per directive of court an importer can clear and take delivery of the imported goods on submission of the bank guarantee for the specific amount of money which is equivalent to the difference between the rate of duties and taxes fixed by the customs and that proposed by the importer.
While the matter concerning the rate of taxes is settled, then the importer is either to pay the amount of bank guarantee or there is a provision of taking back the guarantee.
The sources said in most of the cases while the verdict of the High Court goes in favour of the importer, then the Customs authority resorts to appeal against the judgement and in this way the case lingers for a long time.
Meanwhile, encashment and return of money has begun with the intervention of the joint forces, concerned sources said.
Under the supervision of a high-power committee of the Customs authority, as many as 79 bank gurantees had been settled during the last few days and Taka 51.8 million had been returned to the concerned importers. Joint forces have called for finalising uptodate information of the bank guarantees which have still been lying unsettled.
According to the concerned sources, in case of any controversy on valuation of imported goods in connection with taxation, concerned importers resort to legal means.
In most of the cases it appears that as per directive of court an importer can clear and take delivery of the imported goods on submission of the bank guarantee for the specific amount of money which is equivalent to the difference between the rate of duties and taxes fixed by the customs and that proposed by the importer.
While the matter concerning the rate of taxes is settled, then the importer is either to pay the amount of bank guarantee or there is a provision of taking back the guarantee.
The sources said in most of the cases while the verdict of the High Court goes in favour of the importer, then the Customs authority resorts to appeal against the judgement and in this way the case lingers for a long time.