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India demands $250 million from Pernod for undervaluing imports
Indian authorities have demanded $244 million from the local unit of French spirits giant Pernod Ricard for undervaluing concentrate imports for over a decade to avoid full payment of duties, a government notice seen by Reuters shows. Pernod is the second-largest spirits company globally and in India. The notice said Indian authorities inspected import bills for 2009-10 to 2020-21, and found Pernod Ricard India had undervalued liquor concentrates in its declarations, which resulted in lower import duty payments. "There are ample reasons to doubt the truth or accuracy of the value declared in relation to the imported goods," said the 27-page notice to Pernod from the Indian customs authority. Source: BusinessToday #India
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