Senior Congress leader P Chidambaram (Express Photo/File)
Members of a PAC sub-committee have found that the Directorate of Revenue Intelligence was not in favour of the 80:20 gold import scheme launched in 2013 during the tenure of the then finance minister P Chidambaram, sources claimed in New Delhi after officials of the finance ministry shared details with the panel.
The sub-committee of Public Accounts Committee (PAC) headed by BJP MP Nishikant Dubey has also decided to recommend a CBI inquiry to look into the procedures followed by the then finance minister in launching this scheme, a member said on the condition of anonymity. The DRI had hinted that the scheme could lead to round-tripping of black money and money laundering, the sources claimed.
In August 2013, the then UPA government had introduced the 80:20 rule, which allowed traders to import gold only after they had exported 20 per cent of gold from their previous import. The rule was scrapped in November 2014 after the NDA came to power. As per the details shared by the finance ministry officials withPAC sub-committee looking into the 80:20 gold import scheme , the DRI was clearly against introduction of this scheme and had even hinted that it could lead to money laundering and round-tripping of black money, the sources said.
Last week, while discussing the CAG report of 2016 on gold imports, the members had questioned Chidambaram’s role over the alleged misuse of the 80:20 gold import scheme by jewellers including fugitive Mehul Choksi for money laundering, sources said. The Revenue secretary and top officials of the Enforcement Directorate (ED), the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) had appeared before the panel.
The members pointed that the scheme resulted in a loss of over Rs 1 lakh crore to the exchequer and said even the CAG report had said to support the earning of one US dollar (around Rs 60 then) for jewellers, the government had to bear the expenditure in the form of duty foregone of Rs 221.75. Through the process known as round-tripping, black money that goes out of the country returns as white money.
Members asked the ED director, CBDT and CBEC chairmen and Revenue secretary to share all file notings with them and also 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.
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- Mar 7, 2018 at 7:11 pmChdambaram's story is a bit like the couplet by the great Ghalib albiet with a twist .. Sonia ne 'ġhālib' nikammā kar diyā varna ham bhī aadmī the kaam ke Sonia really has a Midas touch .. everyone who she touches turns corrupt ( starting with her late husband .. )Reply
- Vidhu KiranMar 7, 2018 at 6:55 pmNo politician ever does anything without some expectations in return. Particularly this man who favored his son in INX.Reply
- Chandrakant MaratheMar 7, 2018 at 6:53 pmTHis is half the information. P. Chidambaram signed the scheme for private companies just when the 2014 results were out and congress was routed in the elections. RBI governer Raghuram Rajan also cleared the scheme just two days before the Modi government's swering in. The above actions are suspect and are also in violation of the model code of conduct at the time. A CBI inquiry should be called for to see how Congress, P. Chidambaram and Raghuram Rajan got benefits from this actions. Its a fraud on the people of India.Reply
R BalasubramanianMar 7, 2018 at 6:02 pmWe all know PC and Sonia dynasty are the most corrupt in independant India, and still paid media is slient. PC repealed the rle just before the elections in May 14th and not Nov. If it had been in other country, he would have been in jail for all his deeds of corruption he talks like a Mahatma, people of his color is more dangerous to society than thiefs and murderesReply- DILIPMar 7, 2018 at 5:22 pmCH00T BRUM was the instrument of all SCAMS AND FRAUDS, a well known FACT, he was so arrogant and Pompous and with conceit had assumed that CON GIT Sun shone from azz h0le, and acted with mala fide intent to loot and scam the nation with greed and immorality, so that his Son Kartik could also loot India for self serving. CH00T BRUM must be investigated and if found guilty, slung in Prison for good. This THUG was the brain and master behind most scams and PONZI schemes along with P1 M P Singhvi, Jihadi A. Patel, Crook LKur_ SH 1 T, D11 CK SH_IT, A> Sharma. Surje wallha, the Gaddar Pappu and not to miss out Rock and Roll Star Rajan. 80:20 Scam was solely designed by CH00T BRUM along with his crooked COHORTS to loot, defraud and launder black money to enrich himself and aid and abet Nirav Modi, this was their objective and they with gall legitimised it. Shame on these sickular slimy buss:: tards.Reply
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