The two episodes of Intaxicating on the problem of fake currency was very educative. While discussing the problem of faking of other documents besides currency, the panel missed discussion of faking of Import Licences issued by the DGFT, which is also printed on security paper. Between late 90s and until couple of years back, DEPB scrips were a candidate for producing forged licences, completely authentic with seals of DGFT, TRA, seals of customs, and shipping bill details of exports. Even the customs authorities in ports of import accepted these licences and cleared the consignments under exemption. Several months later, in a case where I represented, the customs duty demand was foisted on the importer who had purchased the licence for a discount in the market. Apparently, some security paper bundles or printed licence forms had been stolen some where between Security Press, Nasik and DGFT offices. This case was entrusted to CBI, though none knows what was the outcome of CBI's investigation. The DGFT washed off its hands by issuing a public notice cancelling all licences issued bearing stationery serial number so and so to so and so. The importers paid money to get these licences in the open market at discount, and also ended up paying the duty demand. Once may safely conclude that during this long period of over a decade, on account of fake DEPB licences, the importers and the Government together must have been drfeauded of about Rs.1000 crores.

Gururaj B N 08/07/2015