Dec 06, 2009 08:31 AM
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ICICI BANK SLAPPED RS. 1 CR PENALTY
The Octroi Department has slapped a Bill of Demand to the tune of Rs. 1 Crore to ICICI Bank on Saturday. Speaking to the Local Newspaper of the Nagpur City, Mr. Milind Meshram, Assistant Commissioner(Octroi), Nagpur Municipal Corporation, said that the bank had demanded a hearing on the issue for which they were given the date on 04-12-2009, “The Bank Authorities failed to attend the hearing, neither did they inform about their inability to attend it. Hence we have issued them a demand to deposit Rs. 1 crore penalty for evading tax, ” said Meshram.
Explaining further, Meshram said that the bank had imported goods/gold coins worth Rs. 10 Crore in to the city for which they needed to pay Rs. 10 Lakh as Octroi duty(One Percent on Gold). Evasion of this duty attracts a penalty of 10 times of the evaded duty which comes to Rs. 1 Crore.
Extract from “The Hitavada” Nagpur Newspaper.
Niraj Nimje
