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IS MODI FORMALISING SILVER ‘SMUGGLING’ INTO GUJARAT.


Is there a HUGE "silver scam" being carried out through the GIFT city in Gujarat? GIFT city is a Modi brainchild.

Serious concerns have been raised about a very strange trend which has been happening since the last 8 months. 

Here are the details:

- ALL of India's silver exports from UAE are being brought in through 1 SINGLE place - GIFT City in Gandhinagar, Gujarat, since Dec 2023

- Now, India levies a 15% import duty on silver and only  institutions nominated by RBI & DGFT are allowed to import silver

- However, for some strange reason, these rules DO NOT APPLY to Gujarat's Gift City where any private player can import silver

- Under an agreement between UAE & India, silver can be imported at a reduced duty of 8% provided it meets something called "rules of origin" requirements

Now this is where it gets very weird & bizarre

- Banks and other institutions that have imported silver through other ports in India from UAE have been REFUSED permission to import it at 8%. This has been done by Customs Dept citing "failure to meet rules of origin requirement" 

- However, ALL silver imports coming through GIFT City in Gujarat from UAE have been allowed at 8% duty without any issues

- As a result, silver is now being imported to India from UAE ONLY through Gujarat since 8 months

1. How is ONLY GIFT City in Gujarat allowing private players who are NOT nominated by RBI & DGFT to import silver? 

2. Why are silver imports coming from UAE through ports in rest of India not being allowed 8% concessional duty? Why is that concession only for imports through Gujarat?

3. On what basis has GIFT City in Gujarat been allowed a monopoly on silver import from UAE since 8 months?

A trade research firm called GTRI has demanded a probe into this mysteru and has also said that this "special treatment" given to Gujarat's GIFT City will have a negative impact not only on silver trade but also on other precious metals.

The Modi 0.3 Govt MUST answer on what basis is Gujarat's GIFT City being allowed special treatment & why is a monopoly being created to favor only Gujarat?

There also needs to be an URGENT probe to find out whether a huge "silver scam" is being carried out through Gujarat where silver is allowed to be imported at 8% from UAE to eliminate competitors in rest of India who are forced to import at higher rates.

https://x.com/SaketGokhale/status/1810506335244718196?t=MXcBYKdywY3CVtXTMVBKWw&s=19

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