The record
Written from the 1 report below. Nothing here is unsourced.
- Gold smuggling into India has surged in the months since the finance ministry raised import duty on gold from 9.18% to 18.45% in May.
- The Directorate of Revenue Intelligence seized around 205 kg of foreign-origin gold till 10 September this financial year.
- Smugglers are concealing gold in aircraft panels, utensils, vehicle cavities, clothing, a treadmill motor, a car gearbox and a coffee machine.
- Enforcement has uncovered domestic networks including an illegal gold-melting facility in Mumbai and a processing unit in a Delhi residence, with alleged involvement of airport staff and intermediaries.
- The smuggling undermines the government's effort to curb imports and save forex, and it forces investigators to target the whole supply chain rather than just individual carriers.
What to watch next
- Whether the government revisits the import duty after the Gems and Jewellery Export Promotion Council warned higher duties revive smuggling
- DRI seizures along the India-Bangladesh border and at courier facilities, which point to routes beyond airports
- Further action against domestic processing and distribution networks and allegedly involved airport personnel
Who said what1
Only words found exactly in the article are shown, attributed and linked to the line they came from.
Kirit Bhansali
Chairman of the Gems and Jewellery Export Promotion Council
1 quote · 1 outlet
“The duty was earlier reduced to curb smuggling. With the higher duty now, all security agencies will have to remain alert as such activities may increase,”
In the article
…from 9.18% to 18.4. 5%, attempting to curb imports, save forex and protect its current account. At the time, the Gems and Jewellery Export Promotion Council had warned that steep duties could revive smuggling. “ The duty was earlier reduced to curb smuggling. With the higher duty now, all security agencies will have to remain alert as such activities may increase, ” its chairman Kirit Bhansali had said. What does the recent seizure data show? The seizures reveal multiple routes and modes of transport. In April, DRI seized 29.37 kg of gold worth ₹37.74 crore and arrested 24…
Coverage1
All filed from India
Named India · Thailand · Bangladesh · Kenya · Sri Lanka · Directorate of Revenue Intelligence · Gems and Jewellery Export Promotion Council · Kirit Bhansali · Ministry of Finance
The 1 report is listed beside the record.
Ask this story
Answers cite the reports above, or say they can't.