Pudiya Ghumao fraud by jewellers - Must fix
Diamond merchants create shell companies in other countries. Then they export a consignment to one of the shell companies and takes a loan from Indian banks showing that sale. The shell company then takes a loan from either foreign banks or from foreign branches of Indian banks to buy the jewels. For the businessman, that is two sources of loans, while the product is still with him.
This artificial trading is called pudiya ghumao. Audit must be done for every major jewellery company and figure how much passing the packet is going on and such practices shut. more
This artificial trading is called pudiya ghumao. Audit must be done for every major jewellery company and figure how much passing the packet is going on and such practices shut. more
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Multiple financing is the age old wrong practice followed by bankers. Practically also it is difficult to identify who has financed against which item. more
Feb 23
Outside topic bur useful. Looking at the way information technology is sinking, it is better to stop issuing exclusive computer science degrees. All the computer languages produce the same results. The bifurcation has been to create jobs. "Electronics and computers" must be the title of the new degree. more
Feb 23
The facts known to one and all. What to do? more
Feb 22
Without accountability no system can function. Sack all babus involved in these transactions in all banks if the govt. is really serious. Otherwise these practices shall continue for ever. more
Feb 23
the network needs cleaning, only CA's being punished will not help, start with politicians, is it possible. more
Feb 23
DINESH BHAI: THIS SYSTEM HAS BEEN GOING ON FOR A VERY LONG TIME, NOT NECCESARILY IN THE DIAMOND TRADE BUT ALSO IN MANY OTHER EXPORT TRADES..!!.. EXPORT TRADE ZONES ARE ANOTHER AREA WHICH NEEDS AN URGENT " LOOK " BY ENFORCEMENT AGENCIES. THESE ' FREE TRADE ZONE ' PEOPLE IMPORT MANY EXPENSIVE CHEMICALS WITHOUT PAYING IMPORT DUTY AND SELL THEM IN THE LOCAL MARKET (naturally, after adding the import duty.!. ) SOME OF THESE FTZ COMPANIES EXPORT JUST PLAIN CHEMICALS AND CLAIM DUTY DRAWBACK AGAINST EXPORTS. IN THESE LONG TERM PRACTICES, THE CUSTOMS APPRAISERS HAVE A 'DUBIOUS HAND' AND ARE WELL LOOKED AFTER AND .............BUSINESS FLOURISHES WITHOUT ANY HITCH...!!!.. more
Feb 22
