Gold Import Scheme

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

the fact that the estimates of the size of the black economy in India varied from 7 per cent to 120 per cent of GDP is a matter of surprise - and some concern

The revenue secretary and top officials of the ED, the Central Board of Direct Taxes and the Central Board of Excise and Customs had appeared before the panel

In August 2013, the then UPA government had introduced the 80:20 rule

The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing

The rule was scrapped in November 2014 after the NDA came to power