50 tonnes gold smuggled into India in 10 days

About 50 tonnes of gold was smuggled into the country in just 10 days, and subsequently pushed into the market to cater to a surge in demand for the precious metal in the festive season. There is a heavy demand for gold during Dussehra, for which booking and supply starts when Navratri starts. Market sources said that 30% of the smuggled gold has been supplied in Mumbai to unscrupulous jewellers, while the rest was distributed to different parts of the country. The illegal gold is finding a place in the market because of below average legal imports resulting from the 80:20 scheme and 10% import duty. Against the average monthly demand of 80 tonnes, the import is presently around 51 tonnes in the country.

The Mumbai airport customs, which has started a serious crackdown on gold smugglers, has seized around 529 kg of gold, from April to August during this financial year.

Previous articleTyco global HQ moves to Ireland
Next articleGujarat Cops get smartphone access to city’s CCTV cameras