Seized jewellery released by excise officials

A day after seizing a 170kg haul of gold and diamond jewellery at Sahnewal airport here, Punjab Excise and Taxation Department today released the items with a leading jewellery firm submitting a surety bond for the same.
Executives of a private company were yesterday found carrying the diamond-studded jewellery and gold ornaments on a chartered plane.
According to an official here, executives of the company this afternoon submitted a surety bond to the Assistant Excise and Taxation Commissioner Jaswinder Singh, who immediately ordered release of the seized items.
While seizing the items yesterday, officials had said that the documents produced by the executives were not relevant to the consignment.

They had also told the executives that in case their firm failed to produce the relevant documents, they would be liable to pay about Rs 32 crore in taxes and as penalty.
However, company officials claimed they were transferring stock for a new showroom here which is scheduled to be inaugurated by a prominent Bollywood actress later this week.
The jewellery was first transported from Trichur and Coimbtore to Ahmedabad from where it was taken to Ludhiana on a chartered plane.
The documents stated that the jewellery belonged to a renowned firm which runs a national chain of outlets.