Facts on the 80:20 Gold Import Scheme started by the Congress-UPA expose @rsprasad's slanderous and obnoxious claims. Here is a thread on how the Gold Import Scheme of Congress actually resulted in Losses for Mehul Choksi and its closure by Modi Govt resulted in profit for him 1/
As India’s CAD surged to 4.8% of GDP in 2012-13,UPA introduced a number of measures to correct the macroeconomic picture
(i) Imposed Custom Duty of 10% on Gold Imports on Aug 13, 2013; &
(ii) Import of Gold, which was free under ‘Exim Policy’,was prohibited on Aug 14, 2013 2/
(i) Imposed Custom Duty of 10% on Gold Imports on Aug 13, 2013; &
(ii) Import of Gold, which was free under ‘Exim Policy’,was prohibited on Aug 14, 2013 2/
Under it,(i) Gold Import was prohibited; (ii)4 Banks & 2 State PSU’s i.e MMTC & STC were authorized to import gold with a condition that 80% of imported gold will be for domestic consumption & 20% has to be compulsorily exported, after value addition.This is the ’80:20 Scheme 3/ 
On representations received from industry & recommended by DGFT, Star Trading Houses/Premier Trading Houses (STH/PTH) were also permitted to import gold under ’80:20 Scheme’ with the stringent restrictions
See Office Memo of May 15, 2014 & Final Circular by RBI on May 21,2014 4/
See Office Memo of May 15, 2014 & Final Circular by RBI on May 21,2014 4/
Obviously regime changes and on May 26, 2014, Modi Government came to power. Smt. Nirmala Sitharaman became Minister for Commerce & Industry. Here the actual fun begins. Nirmala Sitharaman on Aug 13, 2014 validates and justifies the 80:20 Gold Import Scheme in Parliament 5/
On Aug 21, 2014; Finance Secretary (Read the Finance Ministry under @ArunJaitley ) justified ‘80:20 Gold Import Scheme’ as a correct measure. 6/ profit.ndtv.com/news/economy/a…
As Gold Imports were controlled & it was affecting profitability of the likes of Nirav Modi +Mehul Choksi,Modi Govt suddenly ordered withdrawal of all restrictions on import of gold on Nov 28,2014
Interestingly, this was a direction was given by the Modi Govt and not by RBI 7/
Interestingly, this was a direction was given by the Modi Govt and not by RBI 7/
Principle set up of people adversely affected by Congress Govt’s ‘Gold Import Scheme’ was ‘Gitanjali Group of Nirav Modi+Mehul Choksi’.
Revenues dipped from Rs10380 Cr (2012-13) to Rs 7343 Cr (2013-14)
& Profits dipped from Rs 265 Cr (2012-13) to loss of Rs 22.65 Cr (2013-14) 8/
Revenues dipped from Rs10380 Cr (2012-13) to Rs 7343 Cr (2013-14)
& Profits dipped from Rs 265 Cr (2012-13) to loss of Rs 22.65 Cr (2013-14) 8/
As Modi Govt lifted all restrictions on Gold Import ;Turnover & Profit of Mehul Choksi’s companies dramatically increased
His companies went up from a loss of Rs 22.65 Cr (2013-14) to a Profit of Rs18.86Cr (2014-15)i.e over 200%
Even Mehul Choksi states accepts impact of 80:20 9/
His companies went up from a loss of Rs 22.65 Cr (2013-14) to a Profit of Rs18.86Cr (2014-15)i.e over 200%
Even Mehul Choksi states accepts impact of 80:20 9/
Due to Modi Govt stopping 80:20 Gold Import Scheme - Jewelry Exports of Mehul Choksi increased from Rs 1,019 Cr (2013-14) to Rs 2,454 Cr (2014-15) and Domestic Jewelry Sales also increased from Rs 1,685 Cr (2013-14) to Rs 2,073 (2014-15). 10/
So the the above facts conclusively prove that Mehul Choksi & Nirav Modi incurred a LOSS under Congress-UPA's Transparent 80:20 Gold Import Scheme and incurred a PROFIT under 6 Months of Modi Govt - which showered "Jan Dhan Varsha" on them ! So @rsprasad should now APOLOGIZE 11/
