Page 150 - ELT_1st September 2020_Vol 373_Part 5

588 EXCISE LAW TIMES [ Vol. 373

For M/s. Adani Exports, over 80% of export turnover came for
diamonds and Supplies from status holders not meeting the mini-
mum turnover and growth criteria

Adani Exports Limited, Ahmedabad Exports
(Crores)
Total exports for the year 2003-04 of which 4657
1 Rough, and re-exported polished diamonds 2475
2 Supplies taken from status holders not meeting the 1316
minimum turnover and growth criteria
Share of the above 2 categories in the total 81.4% exports

Export surge of 1135% for M/s. Adani Exports came in 2003-04
while for the past six years their exports were declining.

It is pertinent to note that except the above mentioned persons no
other exporter in the country has challenged the said Notifications
or the Public Notices dated January 28, 2004 and April 21, 2004 re-
spectively.
It was also brought to the notice of the DGFT that some of
the exporters have procured rough diamonds from local firms and
exported the same by a 5% loss as they were confident of covering
up the loss by receiving the 10% DFCE incentives offered by the
Government. All these aspects are discussed in much details earlier
and need not be repeated. We would like to recapitulate the follow-
ing stark features/practices which have surfaced on record as a re-
sult of investigation :
(113) Mr. Adhyaru has successfully demonstrated that the following
methods were found to be resorted to by these exporters to inflate their ex-
port turnovers :-
(i) Export of rough diamonds even though. India is not a
EXCISE LAW TIMES  1st September 2020  150