New Delhi [India], Stating that India's silver imports from the United Arab Emirates (UAE) have risen "giantly" to $1.44 billion in a year, Congress leader Jairam Ramesh asked: "Is there a chandi ghotala (silver scam)?
The Congress General Secretary said India's silver imports from the UAE had risen from a modest $2.2 million between January and April 2023 to a whopping $1.44 billion during the same period this year. anus. He implied that it could be a money scam and compared it to the electoral bonus controversy.
"India's silver imports from the UAE rose to $2.2 million during January-April 2023. India's silver imports from the UAE rose gigantically to $1.44 billion, yes, billion, which is equivalent to 1000 million. This is a jump of 654 times in a year. I knew about the chanda ghotala disguised as electoral bonds. Is there a chandi ghotala here?
In his article he quoted a business daily as reporting that the government is concerned about the 647-fold increase in silver imports from the United Arab Emirates (UAE).
The newspaper adds that the government is likely to take up this matter with the United Arab Emirates.
The increase in silver imports from the UAE is due to the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which offers certain concessions, the newspaper said.
CEPA is a free trade agreement between the United Arab Emirates and India that was signed on February 18, 2022 and came into force on May 1, 2022.
According to government data cited by the newspaper, total silver imports increased tenfold during the first four months of the calendar year (January-April) to reach $3.16 billion.
He further adds that the UAE is now India's "largest source" of silver imports (45 per cent), although until a year ago, the UAE was not even India's top five silver importing partners. .
He stated that the government is actively investigating the issue of increased silver imports and plans to share its concerns with the UAE.
The report further added that silver products imported from the UAE were dominated by silver grains, which are mainly used to make jewellery.
"The Commerce Department has been trying to understand the reason behind the increase despite the strict rules of origin, or standards requiring 3 percent value added, that were agreed to in the trade deal," the newspaper added.
Looking ahead, the newspaper added that a meeting has also been held between Customs and the Department of Commerce on the issue, citing its sources.
The Congress General Secretary said India's silver imports from the UAE had risen from a modest $2.2 million between January and April 2023 to a whopping $1.44 billion during the same period this year. anus. He implied that it could be a money scam and compared it to the electoral bonus controversy.
"India's silver imports from the UAE rose to $2.2 million during January-April 2023. India's silver imports from the UAE rose gigantically to $1.44 billion, yes, billion, which is equivalent to 1000 million. This is a jump of 654 times in a year. I knew about the chanda ghotala disguised as electoral bonds. Is there a chandi ghotala here?
In his article he quoted a business daily as reporting that the government is concerned about the 647-fold increase in silver imports from the United Arab Emirates (UAE).
The newspaper adds that the government is likely to take up this matter with the United Arab Emirates.
The increase in silver imports from the UAE is due to the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which offers certain concessions, the newspaper said.
CEPA is a free trade agreement between the United Arab Emirates and India that was signed on February 18, 2022 and came into force on May 1, 2022.
According to government data cited by the newspaper, total silver imports increased tenfold during the first four months of the calendar year (January-April) to reach $3.16 billion.
He further adds that the UAE is now India's "largest source" of silver imports (45 per cent), although until a year ago, the UAE was not even India's top five silver importing partners. .
He stated that the government is actively investigating the issue of increased silver imports and plans to share its concerns with the UAE.
The report further added that silver products imported from the UAE were dominated by silver grains, which are mainly used to make jewellery.
"The Commerce Department has been trying to understand the reason behind the increase despite the strict rules of origin, or standards requiring 3 percent value added, that were agreed to in the trade deal," the newspaper added.
Looking ahead, the newspaper added that a meeting has also been held between Customs and the Department of Commerce on the issue, citing its sources.
