Mangalore: According to customs officers, smugglers in the recent past have used mobile phones (replacing the battery with gold biscuit), thermos flasks (replacing silver foil with gold foil), keys (made of gold with silver coating), electric shaver (made of gold with silver coating), torches (replacing batteries with gold), suitcase beadings (using gold beading with silver coating), footwear (making a hole in the footwear which is normally not scanned by customs officers), hot plates (replacing springs and coil with golden springs and golden coils) and food packets, etc.
Sources in the customs said that more than 17 kg of gold worth over Rs five crore had been seized in the last one year. The amount of gold smuggled successfully — dodging the customs — is significant, the sources conceded. The increase in gold smuggling is explained by the considerable difference in prices of the yellow metal in India and other countries, especially West Asia.
The difference, which was just about Rs one lakh per kg a few years ago, has now gone up to Rs six lakh per kg, according to a businessman. While in India, one kg of gold costs Rs 30-31 lakh, it is priced at Rs 24 lakh in Dubai. Besides, a policy introduced by the Union government a couple of months ago has also led to increase in cases of gold smuggling.
09/02/14 Ronald Anil Fernandes/Deccan Herald
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Sources in the customs said that more than 17 kg of gold worth over Rs five crore had been seized in the last one year. The amount of gold smuggled successfully — dodging the customs — is significant, the sources conceded. The increase in gold smuggling is explained by the considerable difference in prices of the yellow metal in India and other countries, especially West Asia.
The difference, which was just about Rs one lakh per kg a few years ago, has now gone up to Rs six lakh per kg, according to a businessman. While in India, one kg of gold costs Rs 30-31 lakh, it is priced at Rs 24 lakh in Dubai. Besides, a policy introduced by the Union government a couple of months ago has also led to increase in cases of gold smuggling.
09/02/14 Ronald Anil Fernandes/Deccan Herald
