Author: 13 May 2014 Last updated at 03:56:37 GMT

Gold Smuggling in India Spikes 446% in Last 12 Months

MUMBAI (Scrap Monster): While comparing to last year, the gold smuggling has spiked 446% at present in India as the country imposed harsh import duties to curb its over mounted current account deficit last year.

As per the report, Directorate of Revenue Intelligence (DRI) had filed 40 gold smuggling cases in the last year whereas it has increased to 148 cases in the past 12 months. The aggregate value of the seized illegal gold from 464 people in 2013-14 is estimated at Rs 245 crore.  

Most of the gold smugglers are arrested from the nation’s international airports. The customs officials at the Indira Gandhi International Airport said that they have nabbed 353 kg of gold worth at Rs 90 crore in this current financial year whereas it was 20-25 kg of gold in the last year.

India had witnessed a dangerous increase of CAD to $88.2 billion which is about 4.7% of the country’s GDP in the year 2012-2013.By imposing 10% import duties over gold, the country could narrow the CAD to a safe amount and it will come down to $32 billion by the end of this year, Mr. P. Chidambaram, Indian Finance Minister said.

Though the gold smuggling has reached at an anxious level, the restrictions on gold imports were inevitable which brought down the country’s gold import from 975 tonnes to 300 tonnes in April and May, Chidambaram added.  

METAL PRICE CHARTS

GET PRICE CHARTS

18ct Gold Scrap Price Charts

14ct Gold Scrap Price Charts

Platinum Scrap Price Charts

RELATED NEWS

61% of India's gold imports in 2014 came from Switzerland

February 27th 2015 06:53 AM
61% of India's gold imports in 2014 came from Switzerland
The gold imports by India from Switzerland jumped significantly higher during the year 2014

Gold Price Hits 1-Week High as Beijing Joins 'Clearly Dovish' Move by US Fed & Eurozone

February 27th 2015 12:21 AM
Gold Price Hits 1-Week High as Beijing Joins 'Clearly Dovish' Move by US Fed & Eurozone
Gold prices rose again in London trade Thursday morning, very nearly touching $1220 for the first time in a week

Gold looks promising in 2-3 years: BofA Merril Lynch

February 26th 2015 07:17 AM
Gold looks promising in 2-3 years: BofA Merril Lynch
Gold is likely to witness further pressure in the near term, but future looks promising for the yellow metal, notes…

Chinese gold shipments from Hong Kong recover in January

February 26th 2015 06:41 AM
Chinese gold shipments from Hong Kong recover in January
The Chinese net gold imports from Hong Kong recovered during the month of January this year on account of increased…
1 dollar 2010 - Vancouver Elizabeth II
1 dollar 2010 - Vancouver Elizabeth II Metal Value : US$ 22.988
1 dollar 2010 - Navy Elizabeth II
1 dollar 2010 - Navy Elizabeth II Metal Value : US$ 22.988
1 dollar 2010 Elizabeth II
1 dollar 2010 Elizabeth II Metal Value : US$ 22.988
View All
Next Story