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Monday, 5 March 2018

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Stock Market officials likely to share details of 80:20 gold scheme

Finance Ministry officials are likely to share all details related to the 80:20 gold import scheme with Parliament's Public Accounts Committee, sources said today
At a meeting of the committee last week, BJP members of the PAC had zeroed in on former finance minister P Chidambaram, under whose tenure the government's 80:20 gold import scheme was launched.

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 PAC's sub-committee headed by BJP 
During the meeting, the members had directed the officials to share all notings related to the scheme with the panel. These are likely to be shared within a week, a source said.
In August 2013, the then UPA government had introduced the 80:20 rule, which said traders would be allowed 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.

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