News, The Morning Context

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

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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.

News, The Morning Context

M.D. Overseas and Augmont Enterprises linked to Dubai silver suppliers, GIFT City halts clearance

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Links have emerged between the two companies and Dubai-based exporters in connection with the alleged violation of India-UAE free trade agreement norms on silver imports. Delhi-based M.D. Overseas and Mumbai-based Augmont Enterprises are among the private firms whose names have emerged in connection with the alleged violation. Also, customs authorities at GIFT City have stopped clearing all consignments of silver from the UAE.

News, The Morning Context

NFRA, India’s audit regulator, is partial towards the Big 4

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Six years in, the audit regulator has settled into a pattern—stiff penalties for small firms, and little more than strong words for their larger peers—that questions its very existence. In April and May this year, India’s audit regulator slapped penalties on three firms in connection with audits of three of Anil Ambani’s companies. The National Financial Reporting Authority did not include PwC and KPMG affiliate BSR, which had acted as joint statutory auditors.

Adani Watch, News

‘I decided that I would dedicate my life to helping the tribals of Hasdeo fight to protect their land.’: Goldman Prize winner, Alok Shukla

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Alok Shukla, defender of the Hasdeo forests and its people, receives the prestigious Goldman Award, May 2024. Abir Dasgupta interviews him for AdaniWatch. The Adani Group operates a coal mine in the forests and is attempting to develop more, despite the opposition of people who depend on the forests for their livelihoods and way of life.

Adani Watch, News

Chaotic scenes as authorities try to strong-arm village approval for Adani coal-mine expansion

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Chaotic scenes as authorities try to strong-arm village approval for Adani coal-mine expansion. The Adivasi tribal residents of the Hasdeo Aranya forest in the central Indian state of Chhattisgarh are dealing with a mix of good and bad news. On the one hand, they have reason to celebrate as an interim order by the Chhattisgarh State Scheduled Tribes (ST) Commission has temporarily put a stop to a coal mine being opened in the Parsa coal block, which is adjacent to the PEKB coal deposit.

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