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$6 Billion dollars security scam in Sikkim? Vigilance investigation soon

The tiny Himalayan state of Sikkim has allegedly witnessed commodities trade of over 6 billion dollars. Chief Minister PS Tamang informed that he has directed the state vigilance to immediately

The tiny Himalayan state of Sikkim has allegedly witnessed commodities trade of over 6 billion dollars. Chief Minister PS Tamang informed that he has directed the state vigilance to immediately start investigations.

CM Tamang said that he has also spoken to the Union Finance Ministry on the issue.

Earlier, former chief minister and SDF party president Pawan Chamling warned about the increase of Sikkim traders’ market share which may have an adverse impact on tax exemption.

It has been revealed that the market share of Sikkim-based traders on the Multi Commodity Exchange (MCX) rose up to 5.5% when it had been nil few years ago. Out of the total volume churn of over $110 billion witnessed by the MCX, Sikkim’s share was $6 billion.

In a previous incident in 1980s, crores of rupees were apparently laundered in Sikkim in the name of gifts which the Local players were sending to non-Sikkimese “friends”. Those involved are believed to be taking advantage of lax tax provisions in the state.

First Published: 14th April, 2022 19:36 IST

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