Multi-crore duty evasion behind alleged silver import scam at GIFT City

/ Augmont Enterprises, bullion, CEPA, customs fraud, Dubai, duty evasion, free trade agreement, GIFT City, Global Trade Research Institute, GTRI, IIBX, import duties, India International Bullion Exchange, Krishi International DMCC, M D Overseas, Narendra Modi, rules of origin, silver imports, UAE, Vintage Bullion DMCC

There’s more to the accusations of irregularities in silver imports than meets the eye. For starters, dubious links have emerged between some importers and exporters. A large-scale silver imports scam has possibly been brewing in India. A back-of-the-envelope calculation shows that import duty to the tune of at least $105 million (around Rs 880 crore) may have been evaded on $1.6 billion (Rs 13,600 crore) worth of silver imports from the UAE.

Published by: The Morning Context
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