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The Bank of Baroda has also selected a consultant to review its Know Your Customer (KYC Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policy and practises, to set up robust systems, the central bank said. Suppose a garment company sells Rs 1,000 worth of shirts for which it used Rs 500 worth of cloth and other materials. First Published: Thu, October 15 2015. The exporter who had foreign exchange black money parked abroad, used these entities as clients who send the money back to India to make the transaction look genuine. Resident as well as Returning Indians can avail of benefits like Resident Foreign Currency Accounts (RFC). Star Exims office in Hong Kong is occupied by Ashok Rungta of Krsna Group Ltd, a one-stop financial advisory company. Advance remittances for imports are basically part payment that an importer makes to confirm his imports.
The forex dealing desk at the sitb is provided with all modern communication facilities, all its authorized branches via Reuters Automated Dealing System, to provide on-line"s for foreign exchange transactions. BoB said the total value of illegal remittances through its Ashok Vihar Branch in New Delhi was 546.10 million (Rs 3,500 crore much lower than Rs 5,151 crore estimated by ED and Rs 6,000 crore by the CBI. The company belongs to one Om Prakash Rungta, living in the mining town of Chaibasa in West Singhbhum district of Jharkhand. Most of the forex transactions were carried out in newly-opened current accounts wherein heavy cash receipts were observed, but the branch did not raise the red flag and many rules were not followed. Banks are expected to raise exceptional transaction reports (ETRs) and suspicious transaction reports (STRs) with the RBI in case of discrepancies. "The scope of audit also may cover the current accounts with huge number of inward or outward Real-time gross settlement (rtgs) and National Electronic Funds Transfer (neft) transactions, not in sync with the declared turnover or business, KYC processes followed etc it said. The move comes in the wake of irregularities that came to light last year in 6,100 crore import remittances effected by Bank of Barodas Ashok Vihar branch in Delhi. In this case, dummy were opened in Hong Kong. Considering the "scale and spread of such transactions banks were advised to immediately initiate a detailed internal audit of Authorised Dealers branches where such remittances have gone up significantly during the past two to three years. Transaction two advance remittances for imports.
1) The Scam and its modus operandi (BoB) noticed some unusual transactions from its Ashok Vihar branch in Delhi, a relatively new branch which had obtained permission to accept forex transactions only in 2013. They also smartly selected commodities which are prone to cancellations on account of quality or sharp price fluctuations like fruits, pulses and rice. Bhatias role was in forming companies in India and remiting money to companies based in Hong Kong. New Delhi: All public sector and private banks have been asked by the RBI to conduct a thorough internal audit" and put the report before their respective audit committees, as part of the central banks efforts to check fraudulent foreign exchange transactions. There is nothing new in the modus operandi on one of the transactions used by money launders who try to earn a quick buck by exploiting government schemes. Foreign Exchange, department, RBI it said. Star Exim was incorporated with a paid-up capital of HK 10,000 and is located in an upmarket location in Hong Kong. But more interesting is the companys owner's address. But its the second one which is intriguing. Nearly 90 percent of the amount came from the Real-time gross settlement systems (rtgs) from 30 other banks comprising of public sector banks, foreign banks, private banks and co-operative banks, indicating involvement forex baroda of more banks in the scam. These were in reality never imported nor any invoices generated that could authenticate the trade. Government uses the duty drawback scheme to promote exports. Since most of its overseas branches are strategically situated at places where sizeable Non-resident Indians are residing, the Bank is in a position to deliver its products promptly and efficiently to its NRI customers.
The bank has since completed the internal audit and placed the report before its audit committee for directions. "Advance import remittances have been permitted without verifying the bonafide of transactions and without carrying out proper due diligence of both the Indian clients as well as overseas suppliers, despite clear instructions in this regard from. The custom duty paid on imports of the cloth or other materials or the excise duty paid on domestic purchases and service taxes paid on all inputs of services will be refunded by the government. Dhawan allegedly forex baroda obtained duty drawback to the tune of Rs 15 crore in a short period of 6-7 months Aggarwal was allegedly successful in sending tainted foreign remittances worth Rs 430 crore through BoBs branch in Ashok Vihar in a short span of time. Rates"d are in Rupees for one unit of Foreign Currency except for JPY which is"d for 100 units. The problem, as ED points out is that the accused traders evaded custom duties, taxes and over-claim duty drawbacks to generate slush funds.
ED is now investigating further to check the activities of the remaining suspected 44 fake firms which pumped in money to overseas locations in a similar manner. The bank has retained its primacy as a leading market maker both in spot and forward markets. The money launderers exploited this loophole to pass under the radar. The modern state-of-the-art dealing room at its Specialised Integrated Treasury Branch (sitb) at BKC, Mumbai provides the necessary wherewithal to its 152 designated branches across the length and breadth of the country authorized to handle foreign exchange business of its clientele. We are in the process of receiving the internal audit report from various banks it said. This mechanism achieves two purposes. In the garment example, if the market value of the goods sold is Rs 900, then the dummy company will sell in the market and realise Rs 900 but will send Rs 1000 to its Indian exporter by adding Rs 100 on its own. Within a year, forex business of its Delhi's Ashok Vihar branch shot forex baroda up to Rs 21,529 crore. The question is if those arrested are middlemen then who is the kingpin of this racket. Last Visited Page Ask ADI X). ED arrested Kamal Kalra, working with the foreign exchange division of hdfc Bank and three other individuals Chandan Bhatia, Gurucharan Singh Dhawan and Sanjay Aggarwal (none of them working with any bank). They have also framed a policy for advance import remittance which covers system check points like cooling period of six months in respect of newly opened account, multiple transactions in a day for 100,000 and below, etc the RBI said.
The bank alerted government agencies who sprung into action, with the Central Bureau of forex baroda Investigation (CBI) and Enforcement Directorate (ED) working on the case. Also read: Forex scam traced to hdfc Bank a/cs. The delay in pointing out these discrepancies resulted in the scam gaining momentum. Duty drawback is a refund given by the government to recoup the amount paid by way of custom and excise duties on the raw materials used and service tax on input services used for the manufacture of exported goods. Like all financial scams, there is a money trail which will ultimately lead to the beneficiary. Name of Executive : Chief Manager (Forex Dealing address : Baroda Sun Tower, 4th 5th Floor, c-34, G Block, Bandra Kurla Complex, Mumbai. One is the unaccounted black money residing abroad comes to India as white money and the exporter also generates extra income by duping the government through its own export incentive schemes. Both CBI and the Enforcement Directorate are probing the huge remittances to Hong Kong from the bank. 4) Rules that were not followed. Here is an example. Six people have been arrested including employees of and hdfc Bank in what is now known as the Forex scam. The same address in Chaibasa is also registered in the name of Fulchand Sanwarmall, a small coal trading company.
As per our banking system, a remittance of up to 100,000 does not raise an forex baroda alarm and is automatically cleared without supporting documents of imports. But the details that are coming out in media suggests that this is only the tip of a much bigger scam. Through its large network of authorized branches, the bank caters to the foreign exchange needs of its clientele engaged in export and import trade and the sitb provides rates for conversion of all major world currencies like ollar Sterling Pounds. The huge transaction is believed to be trade-based money laundering as the amount was transferred in the garb of payments for imports that never took place, investigators say. The forex dealing desk at the sitb is provided with all modern communication facilities, all its. Name of Executive : Chief Manager (Forex Dealing) Address : Baroda Sun Tower, 4th 5th Floor C-34,. Business NewsIndustryBanking FinanceBank of Baroda forex scam observation came as part of inspection done by the central bank after last year's Bank of Baroda case in which Rs 6,100-crore. Bank of Baroda (BoB) noticed some unusual transactions from its Ashok Vihar branch in Delhi,.
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