Riddhi Siddhi Bullion slapped with Rs100 crore fine, DGFT cancels import licence too

According to media reports, the Directorate General of Foreign Trade has slapped a fine of Rs100 crore on Riddhi Siddhi Bullions and also cancelled the bullion trader's import licence


The Directorate General of Foreign Trade (DGFT) has slapped a fine of Rs100 crore on Mumbai-based Riddhi Siddhi Bullions Ltd. The DGFT also cancelled import licence of the bullion trader. More details are awaited.
Earlier in September 2014, the Ahmedabad wing of the Enforcement Directorate (ED) arrested Rakesh Kothari, a nephew of Prithviraj Kothari, the managing director of Mumbai-based Riddhi Siddhi Bullion, in connection with the Rs7,000-crore hawala scam.
The ED has been probing a multi-crore hawala scam in which, till September 2014, a total of 79 people had been named in a chargesheet, including key accused Afroze Fatta and Madanlal Jain who have been booked under provisions of the Prevention of Money Laundering Act (PMLA). Fatta and Jain are currently in the ED's custody.
Last year in February, the Directorate of Revenue Intelligence (DRI) in Ahmedabad has detained gold jewellery of around 200 kg with a market value of around Rs60 crore. The gold belongs to five bullion traders -- Riddhi Siddhi Bullion Ltd (RSBL), Kundan Rice Mills Ltd, Zhaveri & Co, RBZ and one more, says media report.
A DRI official told "Ninety kg of the jewellery belongs to Riddhi Siddhi Bullion owned by Prithviraj Kothari. Rest of the gold consignments belong to four other importers."
DRI alleged that these traders imported gold jewellery by playing "mischief" with rules and regulations in the Customs Tariff Act, the report says.



Rajni Naik

2 years ago

But this order was immediately quashed by the Gujarat High Court, correct? The Court mentioned that the non bailable warrant issued was illegal!!!

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Nifty, Sensex weakening – Wednesday closing report

Only a close above Wednesday’s high will support a bullish position


In Tuesday’s closing report, we mentioned that the NSE’s 50-share Nifty may go down sharply if it closes below 8,250. Although the benchmark breached this level on Wednesday morning, it traded there for a brief time and went up. However, the market is fairly weak and only a strong up move above today’s high will strengthen the bulls.
The S&P BSE Sensex opened at 27,432 while Nifty opened at 8,307. Sensex moved in the range of 27,203 and 27,513 before closing at 27,347 (down 79 points or 0.29%). Nifty moved between 8,237 and 8,326 and closed at 8,278 (down 22 points or 0.26%). NSE recorded a volume of 78.37 crore shares. India VIX rose 4.64% to close at 17.2475.
After trading hours Tuesday, the Ministry of Mines said that the Indian government has promulgated the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 with which the government intends to remove discretion in grant of mineral concessions. Henceforth, all mineral concessions would be through auctions, thereby bringing in greater transparency and removing of discretion.
The market awaited data on the rate of inflation based on the wholesale price index (WPI) for December 2014. Data released during trading hours Wednesday showed that inflation based on WPI stood at 0.11% in December 2014, as compared to zero in November 2014. WPI for October 2014 was revised downwards to 1.66%, from 1.77% reported earlier.
The World Bank has said that economic reform measures taken by the Indian government, after coming to power in May last year, may result in its catching up with China’s growth in the year 2016-17.
Finance Minister Arun Jaitley had said that the Indian government is committed to fiscal discipline and with sharp decline in international oil prices and due to focused attention from the government, the current account deficit is also within the comfort level.
Chief Economic Advisor Arvind Subramanian Wednesday said that the prospects for the Indian economy look "very bright" with a remarkable turnaround witnessed in recent months on the back of lower current account deficit and the slew of reforms unleashed by the new government.
Bajaj Finance (8.18%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. It announced its December 2014 quarter result which showed its net profit of Rs258.38 crore for the quarter ended December 2014 as compared to Rs194.14 crore quarter ended December 2013. Its revenue increased from Rs1,069.92 crore to Rs1,476.55 crore for the relevant period.
Sesa Sterlite (7.63%) was the top loser in ‘A’ group on the BSE and also the top loser in the Sensex 30 pack. The company was in the news recently that it along with Hindustan Zinc and Cairn India are to be merged with the Vedanta Group. However, Sesa Sterlite clarified that there is no definite proposal for any merger.
Hindustan Unilever (4.21%) was the top gainer in the Sensex 30 pack. It hit its new 52-week high today. It has settled a case related to alleged non-compliance of takeover norms with capital markets regulator Sebi after a total payment of nearly Rs2.60 lakh as settlement fee.
US indices closed Tuesday flat with a negative bias. Except for NZSE 50 (0.21%) all the other Asian indices closed in the red. Nikkei 225 (1.71%) was the top loser.
The World Bank had lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the Euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices. It predicted the global economy would grow 3% this year, below a forecast of 3.4% made in June, according to its twice-yearly Global Economic Prospects report. World GDP growth will reach 3.3% in 2016, as opposed to a June forecast of 3.5%, before dipping to 3.2% in 2017, it said.
European indices were trading in the red. US Futures too were trading lower.
An adviser to Europe’s top court on Wednesday said the European Central Bank can legally buy large quantities of Eurozone government debt to stabilize the currency area’s economy. However, this is subject to certain conditions.


Mukhtar Abbas Naqvi sentenced to one year imprisonment

Naqvi, the minister in Modi government, was booked along with 19 other people in Patwai police station in Rampur for allegedly breaching prohibitory orders and barging in a police station while campaigning during the 2009 Lok Sabha polls


A Court in Rampur in Uttar Pradesh (UP) has convicted union Minister of State for Minority Affairs Mukhtar Abbas Naqvi along with 19 others for breaching prohibitory orders during the 2009 Lok Sabha polls.
According to media reports, the Court sentenced Naqvi for one year jail term amidst shouting of slogans by supporters of Bharatiya Janata Party (BJP), who have thronged the Court premises.
During the 2009 Lok Sabha elections, the BJP leader along with 19 other people was booked in Patwai police station in Rampur for allegedly breaching prohibitory orders and barging in a police station in Patwai area while campaigning.
They were charged for unlawful assembly under sections of the IPC and Criminal Law Amendment Act.



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