The Octroi Department of Nagpur Municipal Corporation (NMC) has tighten its gripped on private and nationalized banks including Reserve Bank of India (RBI), which import gold to the city without paying Octroi cess.
The Octroi Department has sought information from these banks within seven days after receiving notices. Nagpur Municipal Corporation has levied 1 perecnt Octroi cess on gold brought to the city.
It may be mentioned that last year, the department had recovered Rs 7.5 lakh from State Bank of India (SBI) for bringing gold of worth Rs 7.5 crore, to the city. Sources claimed that banks are importing gold worth Rs 50 to 60 crore per annum, to the city from outside the country for selling in the form of coins. The 22 and 24 carat coins are available at these banks.
Milind Meshram, Assistant Commissioner and Octroi Superintendent, confirmed that the department has issued notices to Punjab National Bank, Bank of Baroda, Bank of Maharashtra, ICICI Bank, YES Bank HDFC Bank and Axis Bank, for disclosing their gold import and receipt of tax deposited to the Octroi Department.
The department has issued notice to Reserve Bank of India, as maximum gold imported by it.It may be added that the civic body is levying Octroi cess on Maximum Retail Price (MRP) on goods and recovering cess from banks will be increased revenue of the Nagpur Municipal Corporation.
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