Question : IRREGULARITIES IN IMPORT OF GOLD BY MMTC

(a) whether the Government have issued orders for CBI / CVC probe against MMTC for importing gold through the United Bank of Switzerland (UBS )since 1988 at a higher premium despite agreement in the mid-90s with the Credit Suisse Bank at a far lower premium;

(b) if so, the details thereof;

(c) the details of losses suffered by MMTC on account of gold import since 1988 and quantum of gold imported;

(d) the reasons for not implementing the agreement signed in the mid-90s with the Credit Suisse Bank; and

(e) the present policy of the Government regarding import of gold?

THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY ( DR RAMAN SINGH )


(a) to (e) : A Statement is laid on the Table of the House.

STATEMENT REFERRRED TO IN REPLY TO PARTS (a) TO (e) OF LOK SABHA STARRED QUESTION NO. 567 FOR ANSWER ON 31ST AUGUST 2001 REGARDING IRREGULARITIES IN IMPORT OF GOLD BY MMTC.


(a) : This issue is presently under examination of the Government for appropriate action.

(b) : Does not arise.

(c) : As per the information furnished by MMTC, no loss has been suffered by MMTC on account of import of gold. The total quantity of gold imported by MMTC during the period from 1988-89 till 31.7.2001 is about 395 tonnes.

(d) : The agreement between MMTC and Credit Suisse First Boston Bank, has been under implementation since it was signed in October 1994 .

(e) : Under the existing Export & Import Policy (1997-2002), import of gold is under restricted category. However, the Government nominated agencies and agencies as authorised by the Reserve Bank of India (RBI)/Ministry of Finance for this purpose, are allowed to import gold for catering to various requirements as specified in the Exim-policy.