ISLAMABAD: Pakistan Customs has initiated proceedings against Pak-Arab Refinery Company (PARCO) and issued a show-cause notice over alleged irregularities involving the supply and transfer of petroleum products, according to official sources.
Customs sources said PARCO has been accused of supplying more than 23.89 million litres of petrol in violation of applicable regulations. The petrol delivery took place without completing the GD process.
As per the claims, the company did not follow the verification process of V-Bock at the time of delivering the petroleum products, which resulted in suspected irregularities during the monitoring and documentation process.
According to reports, such violations may have incurred millions of rupees of losses for the national treasury through the payment of duties and taxes.
The show-cause notice has also raised queries about the collection of Petroleum Development Levy (PDL) from the fuel deliveries in question.
Petroleum deliveries in question were allegedly moved to other bonded warehouses without having proper legal approvals, an action that, according to Customs officials, may violate the customs regulations.
Proceedings against PARCO have reportedly started on various clauses of the Customs Act. Proceedings for revoking the Public Bonded Warehouse license of the company have also started.
Faisalabad Customs has directed PARCO to submit a formal response to the allegations and present its position before the relevant authorities.
