‘PC launched 80:20 scheme despite DRI’s opposition’

Source: The Hitavada      Date: 08 Mar 2018 08:56:21


 

NEW DELHI,

The DRI had hinted that the scheme could lead to round-tripping of black money and money laundering

As per PAC, the scheme had resulted in a loss of over Rs 1 lakh crore to the exchequer

MEMBERS of a Public Account Committee 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 here after officials of the Finance Ministry shared details with the panel.


The sub-committee of Public Accounts Committee headed by BJP MP Nishikant Dubey has also decided to recommend a CBI inquiry 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.