Kochi: Gold smugglers are giving Cochin Customs a ‘good’ time. The agency has so far contributed over Rs.100 crore, which is one of the highest in the country, to the Consolidated Fund of India. The agency has been selling an average of 150 kg of gold – seized mainly from the Kochi airport - every year since the fiscal 2012-13.
According to K.N. Raghavan, Commissioner, Cochin Customs, the annual average income from the sale of gold currently stands between Rs.25 and Rs.30 crore.
In addition to the seizures at the airport and the Kochi port, metals seized several years ago, which had been kept in the warehouse here, are also being sold.
“It is not directly proportional to the number of seizures but we can see it peaking ever since a hike in the gold import duty.
While Kozhikode topped the number of seizures till last fiscal, this year has been an exception with Kochi leading the chart,” he said.
21/02/16 The Hindu
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According to K.N. Raghavan, Commissioner, Cochin Customs, the annual average income from the sale of gold currently stands between Rs.25 and Rs.30 crore.
In addition to the seizures at the airport and the Kochi port, metals seized several years ago, which had been kept in the warehouse here, are also being sold.
“It is not directly proportional to the number of seizures but we can see it peaking ever since a hike in the gold import duty.
While Kozhikode topped the number of seizures till last fiscal, this year has been an exception with Kochi leading the chart,” he said.
21/02/16 The Hindu
