PAC panel asks CBI to probe P Chidambaram's gold import ban, 80:20 rule: Report

A sub-committee of the Public Accounts Committee (PAC) has asked the CBI to dig deeper into the timeline of decisions taken by former finance Minister P Chidambaram on the ban on gold imports and the 80:20 scheme, according to a report by The Economic Times.

In June 2013, Chidambaram had voted in favour of amendment of Foreign Trade Policy to prohibit organisations from importing gold except for very narrow/limited purposes. But 18 days later he approved the 80:20 scheme that allowed traders to import gold after they exported 20 percent gold from their previous imports.

The PAC panel, headed by BJP MP Nishikant Dubey, requested a CBI probe after examining a "chronology of decisions taken by the former FM, sources told The Economic Times.

The sub-committee wants CBI to investigate the happenings in the 18 days between the modifications in policy, the report said.

The panel also wants the Central Bureau of Investigation (CBI) to look at a circular issued by the RBI in May 2014, which amended the 80:20 rule to allow gold import by Star Trading House (STH) and Premier Trading House (PTH)

The NDA government scrapped the 80:20 rule in November 2014.

The Finance Ministry is likely to soon share details of the 80:20 gold scheme with the PAC, according to a PTI report on Monday citing sources.