Advertisement

CM KCR Fires on Congress Leaders Protest During Governors Speech | Telangana Assembly

Posted : March 13, 2018 at 12:24 pm IST by ManaTeluguMovies

Watch CM KCR Fires on Congress Leaders Protest During Governors Speech | Telangana Assembly


Advertisement

Recent Random Post:

‘Jewelers from India swindling US customs’

Posted : June 14, 2018 at 9:06 pm IST by ManaTeluguMovies


Jewelers from India doing Jewelry shows in United States are not only exhibiting their jewelry but also their law breaking, tax abating techniques from India. Unfortunately unlike in India, it is quiet risky to indulge in such practices in United States and sure to be caught.

When Jewelry is imported into United States either by a company or an Individual, it is subject to certain custom duties which run up to approximately 6% of the value of the good. Typically when jewelry is imported, legitimate companies declare the full value of the jewelry and pay the corresponding duties to US customs.

Some jewelers in an effort to avoid duties use innovative methods including undervaluing of the goods to lower the basis for the Duty calculation and some brave hearts with resources use what is called the “OMAN ROUTE”. The Oman route has been busted by US Customs and a number of jewelers have been under investigation and punished or penalized over the past few years.

Consumers (mostly Indians) who travel to India do buy Jewelry in India and bring it in person and usually do not declare at port of entry. By signing a customs declaration that they are not bringing goods valued over $800 with them they are committing perjury under US laws and are subject to severe penalties and prosecution.

Even though a very small percentage of this is ever detected, it is better to declare the value of goods acquired and simply pay the duties. There are reasonable exemptions on individual Jewelry imports and not worth taking the risk of being that miniscule percentage of people caught.

Well coming to the actual title of this article, information about a racket that is NIRAV MODI class came to light.. read on

A very popular Jewelry designer from Hyderabad, India, who boasts of their political ties came under the radar recently. The said jeweler started out of Hyderabad with about 2 Million worth of goods, fully declared so as to take advantage of subsidies and export facilities in India. Goods arrived in Dubai, paperwork switched and the goods were exported out of Dubai to USA on the same day at a valuation of about a 10th of the original value. This smart jeweler avoided over hundred thousand dollars in duties.

Unfortunately for the said jeweler the information filed with US customs is public record and the agents who prepare and file the documentation in India and Dubai are not too dependable to keep information private. This racket is now common knowledge among the US jewelers who are feeling the pinch of the pricing completion from Jewelers from India.

Complaints substantiating the facts have reached authorities. Since the said Jeweler is touring the US at this time, there is a good possibility that action might be taken up on this jeweler while in the country.

There are more than this one jeweler that has indulged in such practice but this is the one that has been identified and reported with proofs. The dollar amounts, places and details have been altered in this article.

If and when action is taken on such activities, innocent consumers might become subject to investigation. Unfortunately for the consumer there is no easy way to know which retailer is indulging in this type of illegal activities.

It is advised to maintain any and all financial transactions with legitimate businesses that are accountable, provide invoice from a US based company, have a US based operation and avoid getting entangled in unnecessary complications.

Advertisement
Advertisement
Advertisement
728x90 Ad
Advertisement
728x90 Ad
Advertisement