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Gold smuggling into India soars despite easing of import curbs

Section: Daily Dispatches

Five-Time Jump in Gold Smuggling; Seizure Worth Rs 1,120 Crore

From The Press Trust of India
via The Times of India, Mumbai
Sunday, June 14, 2015

NEW DELHI -- There has been an unprecedented five-time jump in cases of gold smuggling in 2014-15 over 2012-13 during which yellow metal worth Rs 1,120 crore was seized, notwithstanding easing of curbs on its import.

What is worrying the revenue intelligence officials is that cases of the smuggling have not come down despite the legal import of gold into the country increasing significantly during the same period.

A total of 4,400 cases of gold smuggling has been registered in the country during 2014-15. About 4,480 kgs (4.48 metric tonnes) of the precious metal valued at about Rs 1,120 crore were seized in these cases, a senior official in Directorate of Revenue Intelligence said.

Some 252 persons were also arrested in the last fiscal in these cases, he said.

There were 870 cases of gold smuggling registered during 2012-13, five times less than those filed in 2014-15 fiscal. About 400 kgs of gold valued at about Rs 100 crore were seized in these cases, the official said. ...

... For the remainder of the report:


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