NEW DELHI: Members of a PAC sub-committee have discovered that the Directorate of Revenue Intelligence used to be no longer in favour of the 80:20 gold import scheme launched in 2013 all the way through the tenure of the then finance minister P Chidambaram, resources claimed here after officials of the finance ministry shared main points with the panel.
The sub-committee of Public Accounts Committee (PAC) headed via BJP MP Nishikant Dubey has also made up our minds to recommend a CBI inquiry to look into the procedures followed via the then finance minister in launching this scheme, a member said on the situation of anonymity.
The DRI had hinted that the scheme may just lead to round-tripping of black cash and cash laundering, the resources claimed. In August 2013, the then UPA govt had offered the 80:20 rule, which allowed traders to import gold best after they had exported 20 according to cent of gold from their earlier import. The rule used to be scrapped in November 2014 after the NDA got here to energy.
As according to the main points shared via the finance ministry officials with PAC sub-committee looking into the 80:20 gold import scheme , the DRI used to be clearly against creation of this scheme and had even hinted that it would lead to cash laundering and round-tripping of black cash, the resources said.
Last week, whilst discussing the CAG document of 2016 on gold imports, the individuals had wondered Chidambaram's function over the alleged misuse of the 80:20 gold import scheme via jewellers including fugitive Mehul Choksi for cash laundering, resources said.
The Revenue secretary and best officials of the Enforcement Directorate (ED), the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) had gave the impression earlier than the panel.
The individuals pointed that the scheme led to a loss of over Rs 1 lakh crore to the exchequer and said even the CAG document had said to support the earning of 1 US dollar (around Rs 60 then) for jewellers, the government had to undergo the expenditure within the type of responsibility foregone of Rs 221.75.
Through the method known as round-tripping, black cash that is going out of the country returns as white cash.
Members asked the ED director, CBDT and CBEC chairmen and Revenue secretary to share all report notings with them and likewise probe the possible linkages between the scheme and the PNB fraud.
The CBI has alleged that Choksi and his jeweller nephew Nirav Modi defrauded the Punjab National Bank of around Rs 12,636 crore. Both left the country in January.
The sub-committee of Public Accounts Committee (PAC) headed via BJP MP Nishikant Dubey has also made up our minds to recommend a CBI inquiry to look into the procedures followed via the then finance minister in launching this scheme, a member said on the situation of anonymity.
The DRI had hinted that the scheme may just lead to round-tripping of black cash and cash laundering, the resources claimed. In August 2013, the then UPA govt had offered the 80:20 rule, which allowed traders to import gold best after they had exported 20 according to cent of gold from their earlier import. The rule used to be scrapped in November 2014 after the NDA got here to energy.
As according to the main points shared via the finance ministry officials with PAC sub-committee looking into the 80:20 gold import scheme , the DRI used to be clearly against creation of this scheme and had even hinted that it would lead to cash laundering and round-tripping of black cash, the resources said.
Last week, whilst discussing the CAG document of 2016 on gold imports, the individuals had wondered Chidambaram's function over the alleged misuse of the 80:20 gold import scheme via jewellers including fugitive Mehul Choksi for cash laundering, resources said.
The Revenue secretary and best officials of the Enforcement Directorate (ED), the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) had gave the impression earlier than the panel.
The individuals pointed that the scheme led to a loss of over Rs 1 lakh crore to the exchequer and said even the CAG document had said to support the earning of 1 US dollar (around Rs 60 then) for jewellers, the government had to undergo the expenditure within the type of responsibility foregone of Rs 221.75.
Through the method known as round-tripping, black cash that is going out of the country returns as white cash.
Members asked the ED director, CBDT and CBEC chairmen and Revenue secretary to share all report notings with them and likewise probe the possible linkages between the scheme and the PNB fraud.
The CBI has alleged that Choksi and his jeweller nephew Nirav Modi defrauded the Punjab National Bank of around Rs 12,636 crore. Both left the country in January.
Despite opposition of DRI, Chidambaram launched 80:20 gold import scheme
![Despite opposition of DRI, Chidambaram launched 80:20 gold import scheme]()
Reviewed by Kailash
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March 08, 2018
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