Sikkim : Socio-Political Group Writes To ED; Demands Prompt Investigation Into Proxy MCX Trade 

 

  • Sujal Pradhan, NET Correspondent, Sikkim

The Sikkimey Nagarik Samaj (SNS) wrote to the Enforcement Directorate (ED) demanding immediate investigation into the abnormal/unprecedented rise of volume in the market share of Sikkim-based traders along the Multi Commodity Exchange (MCX).

“It is to bring to your kind notice that out of $110 Billion market share witnessed by Multi Commodity Exchange in the month of February 2022, Sikkim’s share stood at over $6 Billion amounting to Rupees 4,57,98,96,00,000. The numbers of traders has also increased to 2217 compared to 674 in February 2020. The unprecedented rise of state’s share in MCX has created suspicion that traders from outside the states are using Sikkim based residents as a proxy to carry out these trades.” – mentioned the letter.

“A peaceful and border sensitive state of Sikkim and its residents are exempted from the mandatory filing of Income Tax returns under section 10 (26AAA) of the Income Tax Act 1961. Similarly, Sikkimese individuals are also exempted from the mandatory PAN requirement by Security and Exchange Board of India (SEBI). Taking advantage of such exemptions traders/businessmen from other states are deceiving the innocent and gullible Sikkimese people in tandem with anti-Sikkimese forces within the state of Sikkim. Media reports have also highlighted the probable involvement of international agencies in this fiasco.” – the letter further reads.

“Such occurrence has brought lots of apprehension among the people about the future of Income Tax Exemption given to Sikkimese people. Moreover, the probable involvement of foreign elements has put national security of India under threat as well.” – it further added.

The letter further reiterated on “a similar incident in the form of ‘GIFT-RACKET’ in 1988 which was instrumental in implementing Central Direct Taxes abolishing the Income Tax Manual 1948, an old law protected under Article 3711 of the Constitution of India.

Therefore, Sikkimey Nagarik Samaj demanded immediate action against the culprits involved in money laundering, financial mismanagement and economic crimes under Foreign Exchange Mnagement Act and Prevention of Money Laundering Act 2002.

“It is imperative to punish the culprits in the interests of Sikkim and in the interests of National Security.” – it remarked.