RiddhiSiddhi Bullion Ltd denies breach of violations from DGFT and ED

RiddhiSiddhi Bullion Ltd (RSBL), a city-based bullion trader, has come under the scanner of Enforcement Directorate (ED) for alleged violation of gold export-import norms of the Reserve Bank of India.

The development comes at a time when RSBL is fighting a legal battle over Rs 100-crore penalty, imposed by the Directorate General of Foreign Trade (DGFT), for not adhering to the RBI's export rule. RSBL on the other hand has submitted required proofs and  legal documentations affirming no involvement which has been approved by the court.

However, soon after the notice was issued, RSBL got relief from the Bombay High Court, which stayed the DGFT's order. RSBL also claimed it had no prior information about the new norms of RBI, at the time of the import order.

When contacted, RSBL chairman Prithviraj Kothari said the company has not received any such order.

In FY14, DNA stated that 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 concluding that the company violated NAC norms as well as the RBI circular, being ignorant that RSBL was not notified about the circular change and the import of goods took place under the RBI’s regulations before the circular change.

RSBL, in its reply to the notice, had said that they did not breach any conditions and have legal documentations supporting its goodwill.

Read More:- https://prithvirajkothari.news.blog/2017/01/09/riddhisiddhi-bullion-ltd-denies-breach-of-violations-from-dgft-and-ed
Read More:- http://riddisiddhi-bullions-limited-rsbl.blogspot.in/2017/01/riddhisiddhi-bullion-ltd-denies-breach.html
Read More:- http://prithviraj-kothari-hawala.blogspot.in/2017/01/riddhisiddhi-bullion-ltd-denies-breach.html
Read More:- http://prithviraj-kothari-hawala-news.blogspot.in/2017/01/riddhisiddhi-bullion-ltd-denies-breach.html 

RiddhiSiddhi Bullion Ltd denies breach of violations from DGFT and ED

Riddhi Siddhi Bullion Ltd (RSBL), a city-based bullion trader, has come under the scanner of Enforcement Directorate (ED) for alleged violation of gold export-import norms of the Reserve Bank of India.

The development comes at a time when RSBL is fighting a legal battle over Rs 100-crore penalty, imposed by the Directorate General of Foreign Trade (DGFT), for not adhering to the RBI's export rule. RSBL on the other hand has submitted required proofs and  legal documentations affirming no involvement which has been approved by the court.

However, soon after the notice was issued, RSBL got relief from the Bombay High Court, which stayed the DGFT's order. RSBL also claimed it had no prior information about the new norms of RBI, at the time of the import order.

When contacted, RSBL chairman Prithviraj Kothari said the company has not received any such order.

In FY14, DNA stated that 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 concluding that the company violated NAC norms as well as the RBI circular, being ignorant that RSBL was not notified about the circular change and the import of goods took place under the RBI’s regulations before the circular change.

RSBL, in its reply to the notice, had said that they did not breach any conditions and have legal documentations supporting its goodwill.

I-T raids lead to vain efforts as RSBL hand over proof of fair bullion deals

RSBL (RiddiSiddhi Bullion Limited) is well known Indian bullion organization, operating within the heart of the gold trading hub, Zaveri Bazaar. The company offers real time OTC physical bullion trading at spot (RSBL SPOT) and if clients do not require delivery, the purchased bullion can be stored securely at no extra cost.

Founded in 1994, RSBL is proud of holding the largest variety of bullions and coins across India. During the year, 2013, Around 100 officers from the income tax (I-T) department raided 56 locations of RiddiSiddhi Bullions Ltd (RSBL), over hawala links and examined documents related to the company's import and export of bullion. I-T also investigated the company's alleged link with betting on the Indian Premier League (IPL).

This sweep was conducted as routine I-T survey, which had no connections with the IPL, hawala links or bogus import-export of precious metals at all. This survey had been done across various companies in Mumbai and not only at RSBL.

Furthermore, RSBL company is extending full co-operation with I-T officials and presented legal proofs of their import-export transactions which were approved and accepted by the Court. RSBL specialises in bars and coins in popular precious metals such as gold, silver and platinum. The company primarily focuses online sales of coins and delivers to customers' doorsteps.

Its bullion sales through e-commerce - RSBL Spot - through over 2,500 locations covering almost all
cities and major towns across the country has been very popular among jewellery manufacturers and
retailers for competitive pricing and prompt delivery. Individual consumers have also opted for online gold coins purchase from RSBL Spot.