Saturday, October 17
The corporate affairs ministry aims to complete the probe into crisis-hit Gensol Engineering Ltd and around 18 other related companies in the next three to five months, a senior official said on Tuesday. Separately, the National Financial Reporting Authority (NFRA) is conducting a preliminary enquiry into Gensol Engineering following a reference from the markets regulator Sebi, NFRA chief Ravneet Kaur said. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with Sebi, in April, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. The senior official said that the probe seeks to find everything when things are hot and the aim is to complete the probe into Gensol
India Monday imposed restrictions on import of gold and silver in unwrought, semi manufactured and powdered form, allowing imports only through nominated agencies, qualified jewellers and valid tariff rate quota holders under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).The restrictions are based on Budget FY26 announcement to introduce new HS (Harmonised System) codes or tariff codes for key items like gold dore, silver dore and platinum containing at least 99% platinum.Some importers used this loophole to bring in products that were 99% gold from Dubai, labelling them as platinum alloy to take advantage of lower duties under the India-UAE CEPA.To block this misuse, the government introduced a new HS code specifically for platinum containing 99% or more pure platinum.
