CAG failed jewellery audit
Lack of internal controls resulted in smuggled jewels
New Delhi: Despite dubious role played by jewellers and diamantaires in the past and the Comptroller & Auditor General naming and shaming them in its reports, no heed was paid to their shenanigans where they were clearly found to be in contravention of existing rules and regulations.
It is obvious that CAG was defanged after its 2G spectrum Coalgate reports.
For the CAG report Department of Revenue — Indirect Taxes — Customs No. 6 of 2016 clearly points to the nexus and collusion and how gem and jewellery makers were using the inept rules to stay out of the ambit of the law.
For starters, the CAG Inspection Report — performance audit threw into stark relief the insufficient SEZ rules to curb smuggling.
The malleability and ductility of weak laws once again exposed and laid bare, but finding no takers in the government or PAC in parliament of which CAG is an adjunct as it tracks where the government rupee is going and being spent.
This Performance Audit on natural or cultured pearls, precious or semi precious stones, precious metals, metals clad with precious metal and articles thereof, imitation jewellery, coins must have been consigned to rubbish heap without due importance being given to its jargon.