India witnesses spurt in Gold smuggling
News reports and statements by the Directorate of Revenue Intelligence points to the alarming increase in gold smuggling through international airports in India. Delhi, Ahmedabad, Mumbai, Kochi, Kozhikode airports have witnessed increase in gold smuggling, according to news reports.
Two weeks back, two passengers who came to Cochin International Airport by Emirates flight were caught with 3 kg of gold biscuits by airport customs officials. The illegally brought in gold biscuits were valued at $4500 and officials said they were acting as carriers for an individual based in Kozhikode city in North of Kerala.
News reports and statements by the Directorate of Revenue Intelligence points to the alarming increase in gold smuggling through international airports in India. Delhi, Ahmedabad, Mumbai, Kochi, Kozhikode airports have witnessed increase in gold smuggling, according to news reports.
In the last week of April, officials at the Karipur International Airport seized gold worth Rs 1.12 crore from a passenger who arrived at the airport from Sharjah on Wednesday. Customs officials foiled the attempt by a passenger hailing from Koyilandy to smuggle 3.99 kg of gold concealed in his baggage.
The gold, in the form of gold bars, was hidden in a metal box in the rear side of a TV. The gold bars were detected during the X-ray scan. Assistant commissioner Rohit Kumar led the search and seizure operation.
Meanwhile, some of the airports have upgraded the scanners and x-ray machines to detect gold smuggling which has risen following the increase in import duty to 8% and differential in gold prices in India and abroad, market analysts said.
The duty-free allowance of gold which has been raised to Rs 50,000 for men and Rs 100,000 for women in the recent budget will not be applicable for importing gold coins, gold biscuits or bars. Persons who had stayed at least six months can bring gold up to 1 kg of gold on payment of customs duty of 10% along with an education cess of 3% of the notified value.
According to a Thomson Reuters GFMS report prepared on behalf of World Gold Council, it is estimated that 102 tons of gold were smuggled into India last year and this year the figure could be higher, an observer said.�
According to Bombay Bullion Association, the up coming festival and wedding season could witness increased demnand for gold and hence consequent rise in gold smuggling.
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