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DGFT slaps Rs 100-cr fine on Riddhi Siddhi Bullion, cancels certificate

NAC is the mandatory document needed for direct import of precious metals. “The NAC is void and therefore a penalty of Rs 100 crore has been imposed on RSBL,” says the order on Wednesday by Additional Director General of Foreign Trade (Mumbai) Kavita Gupta.

When contacted, RSBL chairman Prithviraj Kothari said the company has not received any such order. The DGFT had issued a showcause notice to the bullion trader last October. According to the order, RSBL had obtained NAC in April 2013 for direct import of bullion. In FY14, RSBL had imported 550 kg gold and as per the RBI circular, this entire quantity should have been exported back, however, it had shipped back only 350 kg while remaining 200 kg were supplied to the domestic market, thus violating NAC norms as well as the RBI circular.

The showcause notice had stated that RSBL’s request for renewal of NAC for FY15 could not be considered since they did not comply with the conditions. RSBL, in its reply to the notice, had said it had not breached any conditions.

PC Jeweller nominated agency for direct precious metal imports

Leading jewellery firm PC Jeweller Wednesday said the government has designated the company as nominated agency for direct import of precious metals to be used for domestic business.

The move would help the company to reduce its cost to buy precious metals, PC Jeweller Managing Director Balram Garg said. In a filing to the BSE, PC Jeweller informed that the “company, has been designated as Nominated Agency under Paragraph 4A.4 of Foreign Trade Policy 2009-14 (RE-2012), by the Additional Director General of Foreign Trade (CLA), Ministry of Commerce & Industry, Department of Commerce”

“This permission makes the company eligible for direct import of Precious Metals (gold/silver/platinum) for domestic business,” it added.
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