June 30, 2024
2 mins read

Cong questions “gigantic jump” in silver import from UAE

The report further added that the silver products imported from the UAE were dominated by the silver grains, which are mainly used to make jewellery…reports Asian Lite News

Stating that India’s silver imports from the United Arab Emirates (UAE) jumped “gigantically” to $1.44 billion in a year, Congress leader Jairam Ramesh asked, “Is there a chandi ghotala (silver scam)?

The Congress General Secretary said that India’s silver imports from the UAE had surged from a modest $2.2 million between January and April 2023 to a whopping $1.44 billion over the same period this year. He implied that it could be a silver scam and compared it to the electoral bond controversy.

“India’s silver imports from UAE stood at $2.2 million during Jan-April 2023. India’s silver imports from UAE jumped gigantically to USD 1.44 billion–yes, billion which is equal to 1000 million. This is a 654x jump in one year. We knew of the chanda ghotala masquerading as electoral bonds. Is there a chandi ghotala here?” Ramesh asked in the post on ‘X’ on Saturday.

He quoted a business daily in his post, which reported that the government is concerned over a 647-times spike in the import of silver from the United Arab Emirates (UAE).

The newspaper adds that the government is likely to take this matter up with the UAE. The rise in silver imports from the UAE follows 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 UAE and India that was signed on February 18, 2022 and came into effect on May 1, 2022. As per the government data cited by the newspaper, the overall import of silver grew 10 times during the first four months of the calendar year (Jan-April) to $3.16 billion.

It further adds that the UAE is now India’s “largest source” (45 per cent) of silver imports, though until a year ago, the UAE was not even India’s top five import partner for silver.

It claimed that the government is actively looking into the matter of rising silver imports and plans to share its concerns with the UAE.

The report further added that the silver products imported from the UAE were dominated by the silver grains, which are mainly used to make jewellery.

“The Commerce department has been trying to understand the reason behind the surge despite the stringent rules of origin, or the norms mandating 3 per cent value addition, that were agreed upon under the trade deal,” the newspaper added.

Going forward, the newspaper added that a meeting has also taken place between Customs and the Department of Commerce on the issue, citing its sources. (ANI)

ALSO READ-UAE-Japan forum empowers women in sustainable energy sector

Previous Story

Pradhan slams Congress amid NEET-UG row

Next Story

Karnataka CM submits letter to PM over key demands for state

Latest from Politics

‘1945 INA trial gave Congress huge impetus’

Congress’ freedom movement against British rule got a tremendous impetus from the 1945 showpiece trial of three officers of Netaji Subhas Chandra Bose’s Indian National Army (INA), says CPI(M) leader Subhashini Ali

Pakistan Courts in Peril

The question now is whether Pakistan’s courts can continue to function as guardians of the law, or whether they will be reduced to instruments of control…reports Asian Lite News Pakistan judiciary’s independence

Balochistan Bleeds Again

Leading rights groups have accused Pakistani forces of abducting several Baloch civilians amid a surge in disappearances, killings, and torture across the province….reports Asian Lite News Leading human rights organisations have alleged

Poor Amenities Spark Protests in PoJK

The violence was especially catastrophic in cities like Muzaffarabad, Mirpur, Neelum, and Poonch, where local residents assembled in large numbers, many to attend the funerals of those killed by the state’s gunfire.
Go toTop

Don't Miss

Dulsco launch unique Oil Re-Refinery Plant in UAE

The Environmental Solutions vertical of Dulsco Group has launched an

‘Challenges never deterred us from pursuing our path’

We had to prove our ability to establish an efficient