Ahmedabad: Last year, the central government had imposed restrictions on gold imports which led to scarce imports of the yellow metal in the country and reactivated the gold smuggling mafia. A record increase in the number of gold smuggling cases has been registered as gold became one of the most sought commodities in the market.
At the Sardar Vallabhbhai Patel International Airport in the city, gold smuggling cases have increased 15 times in the last one year.
In 2013-14, the department detected 30 cases of gold smuggling and recovered 28.8 kg of gold worth Rs 9.52 crore. In 2012-13, only two cases of gold smuggling were recorded by the department, in which 6.13 kg of gold worth Rs 1.76 crore was recovered. In the last three months only, 18 kilograms of gold worth Rs 5.4 crore has been recovered at the city airport.
Similarly, Directorate of Revenue Intelligence (DRI) detected five major cases of gold smuggling and recovered 12 kgs of gold worth Rs 3.6 crore, while in 2012-13, only one case was recorded by DRI, in which gold coins of 136 grams worth Rs 3.40 lakh were recovered.
Restrictions on imports and high import duties are two major reasons for gold smuggling, say experts and bullion traders. In the last one year, import duty on gold has been raised from 2% to 10%, while duty on raw gold has been doubled which has caused a spur in cases of gold smuggling.
09/04/14 Piyush Mishra/Times of India
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At the Sardar Vallabhbhai Patel International Airport in the city, gold smuggling cases have increased 15 times in the last one year.
In 2013-14, the department detected 30 cases of gold smuggling and recovered 28.8 kg of gold worth Rs 9.52 crore. In 2012-13, only two cases of gold smuggling were recorded by the department, in which 6.13 kg of gold worth Rs 1.76 crore was recovered. In the last three months only, 18 kilograms of gold worth Rs 5.4 crore has been recovered at the city airport.
Similarly, Directorate of Revenue Intelligence (DRI) detected five major cases of gold smuggling and recovered 12 kgs of gold worth Rs 3.6 crore, while in 2012-13, only one case was recorded by DRI, in which gold coins of 136 grams worth Rs 3.40 lakh were recovered.
Restrictions on imports and high import duties are two major reasons for gold smuggling, say experts and bullion traders. In the last one year, import duty on gold has been raised from 2% to 10%, while duty on raw gold has been doubled which has caused a spur in cases of gold smuggling.
09/04/14 Piyush Mishra/Times of India
