CBI quizzes ex-RBI deputy governor in PNB probe: source

A former central bank official of senior rank was questioned by the Central Bureau of Investigation on Friday regarding an import scheme of gold which forms a part of the inquiry into a fraud amounting to $2 billion at the state-run Punjab National bank, as confirmed by a reliable source on the matters of discussion.

That source confirmed to Reuters that the Federal police officers had been looking for background information about HR Khan, the former Deputy Governor of Reserve Bank of India (RBI) about the “80:20” scheme and they confirmed that it was “not a grilling exercise.”

This 80:20 rule was implemented in 2013 by RBI and the previous government in order to help to control the increasing deficit in current accounts which forced the importers to export at least 20 percent of the gold that they have imported in the nation.

Such restrictions were later made easy owing to the lessening of such deficits and also because the scarcity of gold did hit the export of Indian jewelry.

by TNBC Staff Reporter on April 8, 2018

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