evidence: PNB Scam: Jewellers association had forewarned Raghuram Rajan New Delhi: In a dramatic twist in the ongoing PNB-Nirav Modi scam tale, it has now been revealed that the Indian Bullion and Jewellers Association had forewarned the RBI governor of the time — Raghuram Rajan — of an epic swindle in the works as far back as July 26, 2014. [...] IBJA said that the RBI circular on May 21, 2014 had "sidestepped nationalised banks, which have been the backbone support of our bullion importing and jewellery exporting members, by allowing certain private sector export houses to import gold up to two tonnes at one time, even for those who are not in the business of bullion and gold jewellery". Further, the association also asked Dr Rajan to "make a prudent appraisal" of the decision and "check the loopholes before it was too late."