Sanco Trans Faces ₹2 Lakh Penalty from Customs

Sanco Trans Ltd has disclosed an order from the Commissioner of Customs (Preventive), Trichy, Tamilnadu, for recovery, interest, and penalty under Sections 75 and 114 of the Customs Act, 1962. The alleged violation pertains to the wrong availment of duty drawback by two exporters, M/s. Jaanu Tex and M/s. Bismi Tex. The potential financial impact, if accepted and paid, is ₹2 Lakhs. However, the company's management is confident in contesting the recovery amount, penalty, and interest, asserting their role as merely a custodian in the transaction.