Mumbai: This year gold smuggling at the Mumbai airport has drastically dropped, with officials attributing the dip to government policies and low gold prices. While in the last calendar year, a total of 1,008 kg of gold was seized at the Mumbai airport, this year officials have seized only 392 kg of gold till November.
In the financial year 2014-15, as much as 890 kg of gold were recovered, while this year from April 2015 onwards, only 280 kg of gold have been recovered.
According to market experts, the drastic drop in smuggling occurred due to low price of gold in the Indian market. Kumar Jain, vice-president of the Shree Mumbai Jewellers Association, said, “In the first week of August this year, gold prices dropped to 22,000 to 24,000 per 10 gm. Therefore there were fewer attempts to smuggle gold in as the prices were expected to go down further.”
14/11/15 Ashita Dadheech/Asian Age
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In the financial year 2014-15, as much as 890 kg of gold were recovered, while this year from April 2015 onwards, only 280 kg of gold have been recovered.
According to market experts, the drastic drop in smuggling occurred due to low price of gold in the Indian market. Kumar Jain, vice-president of the Shree Mumbai Jewellers Association, said, “In the first week of August this year, gold prices dropped to 22,000 to 24,000 per 10 gm. Therefore there were fewer attempts to smuggle gold in as the prices were expected to go down further.”
14/11/15 Ashita Dadheech/Asian Age
