Jsw forex loss dubai
Mining scam in India colloquially Indian mining scam is a series of widespread scams in various ore-rich states of Indiaand has generated controversy, which spans encroachment of forest areas, underpayment of government royalties, conflict with tribals regarding land-rights [ citation needed ].
The spill-over of the effects of legal mining into problems such as Naxalism and the distortion of Trading binary options strategies and tactics google books democracy by mixed political and mining interests, has gained international attention.
The latest scam that has come out is the Coal Mining Scam in which Government has had a presumable conservative loss Rs1. Rising global iron-ore prices driven by Chinese demand brought focus to the iron ore rich Bellary region of Karnataka. This iron ore is alleged to have been illegally mined after paying a minuscule royalty to the government. The major regularities involve mines in Bellary, including those of Obulapuram Mining Company owned by G.
Karunakara Reddy and G. Janardhana Reddy who were ministers in the Government of Karnataka at the time. Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by the Obulapuram Mining Company OMCrun by Karnataka's Reddy brothers and also their trusted confidante and state health minister B Sriramulu. A team headed by the Additional Commissioner of Income Tax raided the premises of over 10 people, the team consisted of around Income tax Investigation officials and companies of Central Reserve Police Force conducted raids.
Income tax officials described it as one of the biggest IT raids in the recent history. The investigation found massive tax evasion and money laundering which prompted mass panic amongst the then BJP jsw forex loss dubai in Karnataka. The investigation report held that "OMC's transactions through the MoU with GLATI are convoluted and devised to evade tax payment in India," A comparative study of shipping bills for export with other companies, which are exporting the same grade material, confirmed the malpractice by OMC.
When the Commissioner summoned Janardhana Reddy and sought jsw forex loss dubai from OMC, the Reddys claimed it suppressed sales for developing stronger relationship worldwide with global buyers through GLATI for financial stability against price fluctuations.
This report was billed as the best investigation of the year and recorded in the book Let us Share by the Finance Ministry. A report    published by the LokAyukta uncovered major violations and systemic corruption in mining in Bellary, including in the allowed geography, encroachment of forest land, massive underpayment of state mining royalties relative to the market price of iron ore and systematic starvation of government mining entities.
Santosh Hegde resigned from the Lokayukta position on 23 June citing inability to be effective in his anti-corruption mandate owing to a non-cooperative Government of Karnataka    In January Mr Kharge questioned the governoment about transfer of Dileepkumar PCCF who refused to sign the report but Government brought S Nagaraja as PCCF who signed the report.
Environment Ministry officials state that the It jsw forex loss dubai found by the Lokayukta that sometimes the actual mining areas are not related to the sketch given with the applications without officials crosschecking them. Further mining applicants falsely claim a prohibited forest area as a revenue area. Finally the actual area of the mine is much bigger than the claimed area.
But miners have flouted this rule to over-extract iron-ore. For example, if they are allowed to take metric tones, mines take 1, metric tonnes. There is a huge difference in the market price of the ore and the royalty specified by the government as well as faulty measurement mechanisms of amount of ore extracted.
There are proposals to link the royalties to the market price of iron-ore. According to the Lok Ayukta Report,  there have been severe ecological jsw forex loss dubai due to illegal mining. Certain species of animals, like the sloth bearthat in the Bellary region have disappeared. Medicinal plants from the area do not grow any more. The entire system of rain has changed jsw forex loss dubai the district of Bellary.
It is reported that the entire area surrounding the mining area is denuded of greenery jsw forex loss dubai has no agricultural activity. Related is the Belekeri port scam where illegally mined ore which had been seized was surreptitiously exported from the port. Karnataka Chief Minister Yeddyurappa admitted to an illegal iron-ore export racket at Belekeri Port involving 3, tonnes of iron ore. The lack of effective regulation in the mining and transport of iron ore has adversely impacted road safety.
Overloaded Trucks carrying ore have caused hundreds of fatal accidents on the roadways leading to ports such as Belekeri and jsw forex loss dubai national highways in the region. The Indian government steel ministry and law ministry is considering a ban on exports of iron ore and limit mining only to captive iron and steel production units. The Lokayukta Report on illegal mining in Karnataka     details the jsw forex loss dubai in which miners, government officials and ministers colluded to defraud the government of mining revenues.
The report details the complete breakdown of democratic governance in the bellary area   and uncovers the "zero risk system", a protection and extortion racket, masterminded by G. Even banks and public sector companies also participated in the loot. There are more than names involved in illegal operation. Charges against these companies are illegal movement of iron ore from mining yard without permits and without paying jsw forex loss dubai, forest encroachment, mining lease violations, overloading of trucks and sandry violation etc.
The iron ore was illegally exported to china through ports of southern India and payment is made through more than banks account. Damage to environment can not be calculated. Illegal mining activity has been reported in the Aravali Range.
During process of inquiry, by SeptemberOrissa High Court had come across multiple other breaches. Despite multiple transfer of judges and chief justices from Orissa High Court during the ongoing hearings, the first set of hearing jsw forex loss dubai Court was completed in record-time.
The quantity of ore that is to be extracted every year specified in the mining plan which is approved by IBM. Jsw forex loss dubai and environment laws have been violated installing screening plants without statutory clearance.
No action has been taken by any of department state and center excess mining of the specified limit violating operating conditions, assessing impact on the local environment, grabbing unauthorised forest land. Though the Union Mines Ministry has expressed its readiness for a CBI probe into jsw forex loss dubai matter citing the report of Indian Bureau of Mines, the state government is vehemently opposing it. The Bureau had found considerable illegal mining of manganese and iron ore in Keonjhar district.
Jsw forex loss dubai state government, which has appointed senior Supreme Court advocate Mukul Rohtagi to plead for it in the High Court, has been opposing the jsw forex loss dubai made by several petitioners for CBI probe into the mining scam. The state government has suspended mining leases for various minerals, jsw forex loss dubai iron ore, manganese, chromites, limestone, while licenses granted for jsw forex loss dubai and storage of minerals have been cancelled to stop illegal mining.
The Justice M B Shah Commission probing the state's mining scam will need to unearth more before it can bring out a report. Though it had been expected to submit its report by jsw forex loss dubai end of December, complaints from miners over allegedly misleading evidence given by the state government have now delayed that.
During a recent meeting with commission members, the miners alleged that steel and mines department officials had superimposed Google maps on the revenue map to determine lease area encroachment. The commission has directed the state to form a committee for physical survey and lease area demarcation of mines. With jsw forex loss dubai much to do, even Justice Shah has expressed doubt if the commission can meet its July deadline  Coal mining has run into trouble as well in Angul district over land issues.
And of the 96 that have them, 75 have mined far beyond their permitted levels over the past several years, says the Justice M. The Hindu has accessed parts of the report on illegal iron ore and manganese mining, which is yet to be tabled in Parliament. It is the last one from the Justice Shah Commission. The exhaustive five-volume report lays bare how the mines have continued to use a loophole in the law for years and flagrantly violate environmental and other norms to pump out iron at a time when international prices of the metal are booming.
The report is to be considered by the Cabinet before it is jsw forex loss dubai in the next session of Parliament. The report says 56 mining leases operated close to identified wildlife areas without adequate protection to the animals. The mandatory forest clearances had not been obtained in several cases. Waterbodies in and around 55 mines have been polluted. Water has depleted in natural streams in some cases and forestland impacted adversely in several others.
A mining-project within jsw forex loss dubai kilometre vicinity of a jsw forex loss dubai wildlife area requires mandatory clearance from the National Board of Wildlife, which too was not obtained in several cases.
The Shah Commission held both the Central government authorities and the Odisha government responsible for the wide-ranging illegal mining that has continued unchecked for years. It has recommended that the entire extraction in all cases, where leases are operated without mandatory environmental clearances, be treated as illegal and the market value — domestic or export — recovered jsw forex loss dubai the defaulting miners.
In the Odisha report too, the Commission said action must be taken against State and Central government officers who allowed the illegal mining for years in violation of various laws. The Commission, which has been told to wind up before it reports on illegal mining in Chhattisgarh, has warned that there was an absolute lack of monitoring in Odisha and miners were fearlessly violating provisions of the law as if they did not exist.
It also warned that the practice of merely asking violators to plant more trees than was normally required is not a legitimate alternative to prosecution under the penal provisions of the Forest Conservation Act which attract punishment that includes imprisonment.
This practice — which has no legal backing — has rendered the Act jsw forex loss dubai and ineffective. A green bench headed by Justice A K Patnaik also directed the government to provide a copy jsw forex loss dubai the reports to Central Empowered Committee.
The bench passed the order after advocate Prashant Bhushan, appearing for petitioners, alleged that contents of the report, published in newspapers, are shocking and the apex court should analyse them.
The Central Government had appointed Justice M. Shah as the head of a one-man panel jsw forex loss dubai November, Justice Shah was supposed to submit the final report within 18 months of the commission's first sitting on January 17, It was required to submit the final report on or before July 16, However, the Union Cabinet had in July, decided to give it a one-year extension, given the voluminous data the Commission had to collect and compile on mining from seven states-Odisha, Jharkhand, Chhattisgarh, Karnataka, Goa and Madhya Pradesh.
In the month of October last year, Justice M B Shah had submitted his third and final report, which was mainly on the mining mafia menace in Goa. The report is expected to prove crucial as it dwells upon the financial transactions and losses through illegal mining from The commission has undertaken a thorough probe into the bank transactions of exporters, traders and mining lease owners to track down the jsw forex loss dubai financial transaction. The two interim reports submitted by the commission earlier had led the Supreme Court to impose a temporary ban on mining activities in Goa, the largest exporter of iron-ore in the jsw forex loss dubai.
Of the two reports, one was on illegal iron ore mining across the country, and the other was on illegal mining in Goa. Orient Black Swan, He also presented on record copy of the note-sheet which was said to be prepared at the orders of then CM Digvijay Singh on 24 June in which he allegedly ordered the upper secretary, Department of Forest to declare the forest land as revenue land to allow Pathak's mining firms perform iron ore Mining at the site.
Due to the nature of the issue, illegal sand mining has been a contentious issue between the government and opposition in Madhya Pradesh. The Shah Commission report on mining in Goa has accused both jsw forex loss dubai state and the Union Ministry of Environment and Forests MoEF of allowing illegal mining  in the state, putting the region's environment and ecology at risk.
The commission, headed by Justice M B Shah, was set up by the Centre in to probe into the illegal mining across the country. About 55 per cent of the iron ore exported from India comes from Goa. The common illegalities the report points to are mining without licence, mining outside lease area and transporting minerals illegally.
The Hon'ble Supreme Court however, in its order dated Indeed, it does appear that while there were several illegalities, sufficient jurisprudence was not exercised by the Shah Commission. The Bombay High Court bench in Panaji Justice Shah directed the state government to "file an FIR First Information eport in respect of offences alleged to have been committed by persons responsible for illegal mining in the state of Goa, including the lessees of the mines and all those who permitted such illegal mining of iron ore and manganese ore, in contravention of the relevant statutory provisions".
The chief justice said that jsw forex loss dubai FIR had to be filed "within a period of six weeks". Shetye had first filed a complaint with the Crime Branch, which had not filed an FIR, forcing the petitioner to complain before the high court. Shah Commission report had exposed a Rs.
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