The Directorate of Revenue Intelligence (DRI) and the Reserve Bank of India have firmed up a strategy to curb the menace of fake ‘bills of entry’ by importers, considered a tool to ship out black money.

“After thorough investigation, the DRI tracked remittances of around ₹500 crore through fake bills of entry by importers. Accordingly, an alert was issued and the matter was flagged to the RBI.

“Now, the central bank has instructed all banks to clear remittances only after detailed verification of bills submitted by importers,” a senior government official, who did not want to be identified, told BusinessLine .

A bill of entry is a declaration by an importer/exporter about the nature, precise quantity and value of goods that have landed (in the case of imports) or being shipped out (in the case of exports).

Normally, such bills are prepared by a Customs clerk or broker, based on which the money is remitted. A bill of entry becomes fake when an importer gives wrong information or has no intention to import, except sending illegal money abroad through the legal channel.

There are reports that early this year, the Enforcement Directorate (ED) unearthed a ₹700-crore hawala racket in Gujarat. It was alleged that importers were sending money abroad in the guise of diamond imports by using fake bills of entry. In fact, the issue was also raised in the Lok Sabha during question hour on November 28.

Five MPs wanted to know whether the Revenue Department (under the Finance Ministry) has detected that several crores of rupees were sent abroad, especially to tax havens such as Hong Kong, through forged or fake bills.

In response, the Ministry said that information was being collected from the DRI, the RBI, the Financial Services Department, the Economic Affairs Department as well as from all Customs field formations, and would be tabled in the House.

Another official said money sent abroad illegally through this channel is nothing but black money generated here. .

comment COMMENT NOW