Hyderabad: On questioning several people caught recently trying to smuggle foreign currency running into several lakhs, investigators found that it was mainly meant as payment to procure gold by city-based smugglers or to procure imported goods by evading customs duty.
The cash smugglers, who are mostly transporting US Dollars, UAE Dirham, Bahrain Dinars and Saudi Riyal, are hiding currency notes inside their garments. Since it is not metal, they do not come to light during scanning and passengers are able to fly to various countries without getting caught.
It was 10 days ago that foreign currency worth Rs 96.34 lakh was seized from two Dubai-bound passengers in FlyDubai airlines. "Earlier, gold smugglers used to send cash to Dubai through hawala from Hyderabad. For this, they used to pay at least 5 per cent commission. Now, by sending the cash directly to the gold vendor in Dubai through a passenger, smugglers are saving 5 per cent. Similarly, the foreign currency, which they are transporting illegally, is procured from unauthorised dealers instead of regular foreign exchange dealers, which itself is in violation of FEMA Act," a security official in RGI Airport said.
11/04/16 Times of India
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The cash smugglers, who are mostly transporting US Dollars, UAE Dirham, Bahrain Dinars and Saudi Riyal, are hiding currency notes inside their garments. Since it is not metal, they do not come to light during scanning and passengers are able to fly to various countries without getting caught.
It was 10 days ago that foreign currency worth Rs 96.34 lakh was seized from two Dubai-bound passengers in FlyDubai airlines. "Earlier, gold smugglers used to send cash to Dubai through hawala from Hyderabad. For this, they used to pay at least 5 per cent commission. Now, by sending the cash directly to the gold vendor in Dubai through a passenger, smugglers are saving 5 per cent. Similarly, the foreign currency, which they are transporting illegally, is procured from unauthorised dealers instead of regular foreign exchange dealers, which itself is in violation of FEMA Act," a security official in RGI Airport said.
11/04/16 Times of India
