Friday, December 07, 2018

DRI seized 3,223 kg gold worth Rs 974 cr in FY'18

New Delhi: Customs authorities have seized 3,223 kg of gold worth Rs 974 crore in 2017-18, more than double the quantity seized in the previous financial year, according to a report.
As per the report by Directorate of Revenue Intelligence (DRI), large part of the domestic gold market in India is being served by illicit smuggling of the metal.

"Gold smuggling has strong linkages to organised crime and international criminal syndicates. The total quantity of gold seized by Indian Customs in 2017-18 was 3,223 kg valued at Rs 974 crore, an increase of 103 per cent from 1,422 kg valued at Rs 472 crore seized in 2016-17," it said.

Majority of seizures were made in Kolkata, Mumbai, Chennai and Delhi, which are high consumption centres of smuggled gold, DRI's Smuggling in India Report 2017-18 said.

It said bulk cash smuggling has also increased exponentially in 2017-18 and Indian Customs seized foreign currency worth Rs 89 crore primarily from Delhi, Mumbai, Kolkata, Chennai and Ahmedabad airports.

Smuggling of foreign exchange is used to fund purchase of contraband goods such as gold, electronics, garments abroad, which is then smuggled into India.

06/12/18 PTI/Times of India