Penalty imposed on Haldia Petrochemicals for violation of Foreign Trade (Development and Regulation) Act

07-Jul-15

The Directorate-General of Foreign Trade (DGFT) has moved to impose penalty on Haldia Petrochemicals Ltd (HPL) for violation of Foreign Trade (Development and Regulation) Act 1992, as per thehindubusinessline.com. The Customs authority has already demanded ?2,600 crore (inclusive of interest) from HPL for the violation of the advance license rules during the period between 2010 and 2013. According to sources, the action demanding the penalty would be initiated this week. The Policy Relaxation Committee of DGFT in April this year had asked the regional authority to initiate action against HPL for violation of law in respect of sale of products, manufactured through conversion of duty-free import of naphtha, in the domestic market instead of exporting them.