The seizure of yellow metal at Mumbai's international airport is witnessing a drastic fall. In 2016 fiscal, compared to previous two years, it saw a fall of more than 50 per cent. The reason: government's decision to scrap the 80:20 gold import scheme in 2015.
According to the Customs officials, the 80:20 scheme was put in place in August 2013 to put a check on gold import to the country. The scheme stated that an importer would be allowed to import gold only after he exported 20 per cent of gold from his previous import.
Following this, there was a rise in gold seizures at the airport. Compared to 65 kilograms of gold seized in 2012-13, 345 kilograms were seized in 2013-14 and 923 kilograms in 2014-15.
However, with the government deciding to scrap the scheme in November 2015, the seizure of gold at the airport fell to 355 kilograms in 2015-16. This, according to the data from Mumbai Customs department's Air Intelligence unit (AIU), further nosedived to a mere 87 kilograms till December 2016-17.
"Even though 2016-17 fiscal is not yet over, the quantity of seizure is not likely to increase much. As against an earlier average of five kilograms, only 2.5 kilograms of gold were seized in December 2016," said an AIU officer.
23/01/17 Vallabh Ozarkar/DNA
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According to the Customs officials, the 80:20 scheme was put in place in August 2013 to put a check on gold import to the country. The scheme stated that an importer would be allowed to import gold only after he exported 20 per cent of gold from his previous import.
Following this, there was a rise in gold seizures at the airport. Compared to 65 kilograms of gold seized in 2012-13, 345 kilograms were seized in 2013-14 and 923 kilograms in 2014-15.
However, with the government deciding to scrap the scheme in November 2015, the seizure of gold at the airport fell to 355 kilograms in 2015-16. This, according to the data from Mumbai Customs department's Air Intelligence unit (AIU), further nosedived to a mere 87 kilograms till December 2016-17.
"Even though 2016-17 fiscal is not yet over, the quantity of seizure is not likely to increase much. As against an earlier average of five kilograms, only 2.5 kilograms of gold were seized in December 2016," said an AIU officer.
23/01/17 Vallabh Ozarkar/DNA
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