Mumbai: While cases of gold smuggling in India have jumped 265% from 40 in 2012-13 to 146 in 2013-14, the number of people arrested has shot up by 750%, from 30 in 2012-13 to 255 in 2013-14, data from the Directorate of Revenue Intelligence shows.
"Gold imports through the legal channel have come down considerably. The chorus to decrease import duty is gaining everyday, and the recent trade figures are indicative that things have slumped to a new low," said Manish Kedia, bullion trader.
Data shows that gold smuggling cases at the Sardar Vallabhbhai Patel International Airport in Ahmedabad, have jumped 15 times in the last one year. Around 75% of the gold seized by customs officials at the airport in 2013-14 has been after August 2013, when the Indian government slapped 10% duty on gold imports.
Elsewhere, the value of gold seized has jumped 442% in one year, from $7.4 million (Rs 448 million) to $40 million (Rs 2.4 billion), according to data from the Directorate of Revenue Intelligence, which has been tracking seizures across the country.
On April 10, 5 kilograms of gold was seized at the Chennai international airport, while a day earlier on April 9, customs officials had a rich haul of over 15.7 kilograms of gold at the Hyderabad airport, valued at more than $746,716 (Rs 45 million) from two lady passengers travelling from the Gulf. The instances keep on adding everyday.
11/04/14 Shivom Seth/Mineweb
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"Gold imports through the legal channel have come down considerably. The chorus to decrease import duty is gaining everyday, and the recent trade figures are indicative that things have slumped to a new low," said Manish Kedia, bullion trader.
Data shows that gold smuggling cases at the Sardar Vallabhbhai Patel International Airport in Ahmedabad, have jumped 15 times in the last one year. Around 75% of the gold seized by customs officials at the airport in 2013-14 has been after August 2013, when the Indian government slapped 10% duty on gold imports.
Elsewhere, the value of gold seized has jumped 442% in one year, from $7.4 million (Rs 448 million) to $40 million (Rs 2.4 billion), according to data from the Directorate of Revenue Intelligence, which has been tracking seizures across the country.
On April 10, 5 kilograms of gold was seized at the Chennai international airport, while a day earlier on April 9, customs officials had a rich haul of over 15.7 kilograms of gold at the Hyderabad airport, valued at more than $746,716 (Rs 45 million) from two lady passengers travelling from the Gulf. The instances keep on adding everyday.
11/04/14 Shivom Seth/Mineweb
