Thursday, August 29th 03:34 PM IST

Smuggling continues to rise on hike in Gold import duty in India

# gold  # gold smuggling  # India gold imports  

Imports have come to a standstill following hike in import duty while festival and wedding season demand is likely to push up demand for imported gold in the coming few months, analysts said.

Photo Courtesy: BigStockPhoto.com

KOCHI, INDIA (Bullion Street): With the government decision to hike import duty on gold from 8% to 10% recent, smuggling of gold in the country is being increasingly reported from various airports in the country. The latest incident at Kochi International Airport involved a passenger from Sharjah tried to smuggle 5 kg of gold bars concealing it under the seat of the Jet Airways plane and was caught by the Customs Officials.

Imports have come to a standstill following hike in import duty while festival and wedding season demand is likely to push up demand for imported gold in the coming few months, analysts said.

Goa has now become the favourite destination for gold smugglers with customs authorities reporting rapid increase in smuggling activity recently. Earlier this week, there were three seizures at the Dabolim International Airport when two Sri Lankans and an Indian were caught with 4.12 kgs of gold valued at Rs.1.33 crore ($13 million) in the Indian market. 

The smuggling of gold is taking place through passengers bound to India who act as couriers for the illegal activity getting some commission in the process, customs officials said. Both male and female passengers are being used as couriers by the smugglers, officials added.

(Also in Bullion Street: India witnesses spurt in gold smuggling)

-Gold smuggling to rise on hike in import duty


 

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