80:20 gold scheme: The RBI circular that benefitted a few private parties

The circular was issued in last days of the UPA government and a few days before the Narendra Modi-led NDA government took office

After Nirav modi and Gitanjali fraud on PNB, the skeleton of the 80:20 gold import scheme restricting gold import announced by the United Progressive Alliance (UPA) government are beginning to tumble out. Now, the fact coming out is that the Reserve Bank of India (RBI) had apparently been informed in writing about how its circular, issued a few days before the Narendra Modi-led present National Democratic Alliance (NDA) government took office, helped a select few private parties.

On May 21, 2014, a week after the result of the general elections (declaring Modi's victory) and days before the UPA government wuld demit