Gold smuggling in India rises 900% to record

Section:

Gold Smuggling at All-Time High, Seizures Total Rs 1,000 Crore

By Deeptiman Tiwary
The Times of India, Mumbai
Wednesday, May 27, 2015

NEW DELHI -- For the first time in the history of gold smuggling in India, the seizure in illicit trade has crossed the rupees 1,000 crore mark in one financial year with customs, police, and revenue agencies seizing more than 3,500 kilograms of gold in 2014-15.

In 2012-13 the same figure stood at merely Rs 100 crore with just about 350 kilograms of gold seized. In two years, since the government increased duty on gold to 10 percent to rein in a yawning current account deficit, gold smuggling has grown by 900 percent.

Since as an accepted principle seizures could be less than 10 percent of actual smuggling, the figures look even more ominous.

Sources say gold has also begun to be smuggled in unique ways and from rather unexpected corners. ...

... For the remainder of the report:

http://timesofindia.indiatimes.com/india/Gold-smuggling-at-all-time-high...



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