New Delhi: The international airports in Mumbai, Delhi, Chennai, Kozhikode and Kochi saw the maximum amount of seizure of smuggled gold in the last three fiscals even as gold smuggling fell marginally in 2019-20 compared to the previous year, the finance ministry informed the Rajya Sabha Tuesday.
Gold smuggling has been on the rise over the last few years after the government imposed customs duty on gold imports.
Import duty on gold was negligible before the government started increasing customs duty on gold imports in 2012 as India looked to curb gold imports. It was increased from 2 per cent to 10 per cent over the next few years. Last year, the government further raised the import duty to 12.5 per cent from 10 per cent. In addition, GST is also levied on gold at the rate of 3 per cent.
The government gave the information in response to a query raised by CPI(M) MP Elamaram Kareem. It said no gold smuggling case in the last three years is being investigated by the National Investigation Agency (NIA) along with the Customs and Directorate of Revenue Intelligence.
The CPI(M)-ruled Kerala government is in the midst of a controversy over a gold smuggling case after one of the accused in the case, Swapna Suresh, was alleged to have close links with M. Sivasankar, the principal secretary to Chief Minister Pinarayi Vijayan. Sivasankar has since been removed from the case.
15/09/20 Remya Nair/Print
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Gold smuggling has been on the rise over the last few years after the government imposed customs duty on gold imports.
Import duty on gold was negligible before the government started increasing customs duty on gold imports in 2012 as India looked to curb gold imports. It was increased from 2 per cent to 10 per cent over the next few years. Last year, the government further raised the import duty to 12.5 per cent from 10 per cent. In addition, GST is also levied on gold at the rate of 3 per cent.
The government gave the information in response to a query raised by CPI(M) MP Elamaram Kareem. It said no gold smuggling case in the last three years is being investigated by the National Investigation Agency (NIA) along with the Customs and Directorate of Revenue Intelligence.
The CPI(M)-ruled Kerala government is in the midst of a controversy over a gold smuggling case after one of the accused in the case, Swapna Suresh, was alleged to have close links with M. Sivasankar, the principal secretary to Chief Minister Pinarayi Vijayan. Sivasankar has since been removed from the case.
15/09/20 Remya Nair/Print
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