Ahmedabad: The Directorate of Revenue Intelligence (DRI) busted a racket in which a businessman was smuggling gold into the country by mixing it with other metals and passing it off as gold ore concentrate. While concentrate can be freely imported, gold invites a hefty 10% duty.
Acting on a tip-off, DRI on Wednesday seized a consignment of 16 kg gold ore concentrate which contained 5 kg gold of 995 purity. Sleuths arrested Sanjay Patel, 49, a resident of Khambat, who is believed to be to the mastermind.
The consignment arrived from Dubai at the Sardar Vallabhbhai Patel International Airport's air cargo terminal on January 23 and belonged to the Patel-owned firm, Mulchand M Zaveri.
Natural gold ore concentrate is a mix of silver, zinc, copper and gold mined in African countries. Only about 2.5 grams of pure gold can be extracted from 1,000 kg of the concentrate.
30/01/14 Times of India
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Acting on a tip-off, DRI on Wednesday seized a consignment of 16 kg gold ore concentrate which contained 5 kg gold of 995 purity. Sleuths arrested Sanjay Patel, 49, a resident of Khambat, who is believed to be to the mastermind.
The consignment arrived from Dubai at the Sardar Vallabhbhai Patel International Airport's air cargo terminal on January 23 and belonged to the Patel-owned firm, Mulchand M Zaveri.
Natural gold ore concentrate is a mix of silver, zinc, copper and gold mined in African countries. Only about 2.5 grams of pure gold can be extracted from 1,000 kg of the concentrate.
30/01/14 Times of India
