India launches investigations into illegal coal imports

April 27, 2016

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India has launched a country-wide investigations into coal importers over-invoicing and resorting to illegal cross-border funds transfer estimated at around $5.3-billion.

Senior government officials said that over-invoicing of coal imports and illegal non-banking channel funds transfer, known in local parlance as hawala, had been going on for the last three to four years and involved both government and private companies in thermal power, trading houses, power distribution and steel sectors.

Category: General