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Coal import 'overvaluation case': DRI's showcause notice upheld | India News The Indian Express Elections 2023 Advertisement News India Coal import 'overvaluation case': DRI's showcause notice upheld Premium Coal import 'overvaluation case': DRI's showcause notice upheld
The Directorate of Revenue Intelligence (DRI) has moved the Supreme Court to challenge the Bombay High Court (HC) order that restrained the agency from seeking foreign counterparts' assistance in its probe against a few firms of the Adani group for alleged overvaluation of Indonesian coal imports.
New Delhi | Updated: October 14, 2023 07:34 IST Follow Us The Additional Solicitor General, representing DRI, drew the apex court's attention on October 10 to a recent order by a different bench in another case involving the agency.
DRI probe may affect Rs 800crore relief to Adani The DRI alleged at least 40 power generating firms imported Indonesian coal directly from ports in that country to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British Islands to artificially inflate its value.
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The agency, according to sources, found that inflated invoices received in India were issued by intermediaries, allegedly subsidiary companies of Indian importers or their fronts. The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which ...
The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which measure the calorific value of coal. Artificial inflation of value of the imported coal increases the landed cost of coal, which is a primary fuel in coal fired thermal power plants. The ...
The case pertains to probe that was initiated by the DRI against a few Adani group firms for alleged overvaluation of coal imports from Indonesia between 2011 and 2015 ... reports suggested that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case. According to business channel ...
RBI today said exporters can be put on a "caution" list in case the trader is not making any efforts for realisation of export proceeds or on the recommendation of investigative agencies like ED ...
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State Bank of India (SBI) on Monday said the fresh pledge of shares of three Adani Group companies was on account of the requirement to topup the collateral for its coal mine project in Australia.
Interestingly, while the CBI has closed the case, the Directorate of Revenue Intelligence (DRI) which first unearthed the alleged overvaluation of low quality Indonesian coal imports scam pegged at Rs 29,000 crore says that its probe against Bhatia International and 40 other prominent coal importers including a few firms of the Adani Group, Essar Group and the Anil Ambani Group is still on.
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In its status report filed on March 8,the CBI had said that the coal block allocation during 200609 was done without verifying the credentials of companies which allegedly misrepresented facts about themselves and no rationale was given by the Coal Ministry in giving coal blocks to them. CBI has so far registered 11 FIRs in the matter.
The DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of "higher tariff compensation based on artificially inflated cost of the imported coal".
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The Directorate of Revenue Intelligence (DRI) has issued showcause notices to leading conglomerates Anil Dhirubhai Ambani Group (ADAG), Adani Group and Essar Group in two separate cases of alleged violation of norms, official sources told The Indian Express. Sources said the DRI has issued notices of over Rs 350 crore to Reliance ...
The Directorate of Revenue Intelligence has accused Adani Enterprises Limited of trying to obstruct its investigation into the overvaluation of coal imports by some group firms, The Indian Express ...
In 2014, the DRI issued a showcause notice to APML and APRL alleging the overvaluation of imported coal. The DRI alleged that the import invoices of Indonesian coal were routed through intermediaries based in Singapore, Hong Kong, Dubai and the British Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
The DRI has alleged that several traders are directly importing Indonesian coal but the invoices are "routed through one or more related /associated intermediary firms based abroad" after artificially inflating its value. To justify the inflated price, "manipulated test reports" of the quality of coal is submitted to PSUs and Customs.
The Congress on Monday claimed that the DRI investigation into some prominent coal importers for alleged overvaluation of coal imports from Indonesia has not made much headway in the last four years, and demanded handing over the case to a special investigation team (SIT).
Similarly, there is also SBI Express Rupee facility available in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE, However, this route will take at least 1 to 2 days time for transfering money in India. Apart from this there is also SBI Express Remit UK for customers based out of United Kingdom and SBI Express Remit Canada for customers based ...
"The FT's proposed story is based on the DRI's General Alert Circular /2016/CI dated 30 March 2016. ... the fact that coal procurement in India on longterm supply basis is done through ...
A bench headed by Chief Justice Bobde issued notices to Adani Enterprises on the appeal filed by DRI in the DRI had initiated investigations in March 2016 against a few Adani...
New Delhi | Updated: November 18, 2023 11:43 IST Follow Us It was in November 2019 that the DRI had moved the apex court against a Bombay High Court order in favour of the Adani Group. The case has been heard five times in four years and is yet to reach the stage of final arguments. Listen to this article 00:00 1x
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On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for...
Coal imports case: SC to hear in Feb Centre's appeal against Bombay HC Sensex ( %) + Nifty ( %) + Nifty Midcap (%) + Nifty Smallcap (%) + Nifty Bank ( %) +
Black Money Corruption DRI show cause notices to Adani, Reliance Infra Essar on coal import scams as PSU Banks hide details Are SBI, BoB UCO Banks trying to hushup an alleged,000 crore ( billion) Coal Import scam? By Team PGurus September 15, 2016
For safe and simple remittances to India, the nation's largest lender, State Bank of India (SBI), has collaborated with Remitly. The US Department of Treasury has certified Remitly as money ...
According to the Indian Express, the DRI found that the inflated import invoices received in India were issued by intermediaries, that were purportedly fronts of subsidiary companies of Indian ...
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