Ahmedabad: The city airport has become a favorite entry point for gold smugglers and carriers ever since the central government raised customs duty on imports of the precious metal to 10%. From 10 incidents of smuggling in 2012 and 2013, the number of smuggling cases increased to 88 in 2014 and 2015, an 8-fold rise in two years! In 2012 and 2013, officials seized over 15.7 kg of gold worth Rs 5.38 crore while in 2014 and 2015, the quantity of yellow metal seized rose to 104.38 kg worth Rs 28.59 crore.
Restrictions on gold imports came into force in June 2013 but the number of smuggling cases peaked in the following two years. Over 90% of the carriers and smugglers who were caught had come from places in the Middle East such as Dubai, Sharjah and Abu Dhabi. "The huge difference of Rs 1.5 lakh to Rs 2 lakh in the price of gold in India and the Middle East makes the yellow metal lucrative for smuggling," said a customs official.
04/02/16 Times of India
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Restrictions on gold imports came into force in June 2013 but the number of smuggling cases peaked in the following two years. Over 90% of the carriers and smugglers who were caught had come from places in the Middle East such as Dubai, Sharjah and Abu Dhabi. "The huge difference of Rs 1.5 lakh to Rs 2 lakh in the price of gold in India and the Middle East makes the yellow metal lucrative for smuggling," said a customs official.
04/02/16 Times of India
