Updated on: 08 April,2023 08:31 PM IST
Furthermore, Nishkarsh Jain, the proprietor of Dcrypt Import is in regular contact with the DRI and Custom-officials in order to convince them to clear their stock.
Established in July, 2021 just around the time when the crypto price was very high, Nishkarsh introduced this idea and decided to import the Bitcoin cryptocurrency mining machines, where one can mine their crypto coins. There, while in customs, where the value used to be 10K USD or 15K USD per machine he used to declare them as 300-400 USD in gains. It was not until the month of July-August, 2022 when his consignment of 2.5crores was seized by customs.
In DRI statements Nishkarsh Jain has said there’s a foreign investor involved in his whole business.
Overall, 1,74,00,000 (one crore and seventy four lakhs) is the sum penalty that Mr. Nishkarsh has to pay for the duty and penalty with Interest to Government Of India even though he and his pupils are doing everything in their power to make the release, it is to be said that the news offers a questionable stance for the import industry.
This is not a paywall.However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.
This website uses cookie or similar technologies, to enhance your browsing experience
and provide personalised recommendations. By continuing to use our website, you agree
The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.