Scrapex Banner
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

9ct Gold Scrap Price Charts

22ct Gold Scrap Price Charts

14ct Gold Scrap Price Charts

RELATED NEWS

Silver Cheapest vs. Gold in 5 Years as Both Slip, Diwali

October 24th 2014 01:06 AM
Silver Cheapest vs. Gold in 5 Years as Both Slip, Diwali
Gold prices fell below last Friday's 6-week closing high in London trade Thursday

FIA to probe into Rs 35 bn gold jewellery export scam

October 23rd 2014 07:24 AM
FIA to probe into Rs 35 bn gold jewellery export scam
The Federal Investigation Agency (FIA) has intensified its probe into the multibillion dollar fraud involving illegal gold exports by Pakistani…

Gold Prices Bounces Off as US Inflation Slows, Dollar Gains, China Eyes Miner Hedging

October 23rd 2014 12:55 AM
Gold Prices Bounces Off as US Inflation Slows, Dollar Gains, China Eyes Miner Hedging
Gold prices bounced Wednesday in London off $1242 per ounce – a "key" technical level according to several chart analysts
1900 S Barber Dime
1900 S Barber Dime Metal Value : US$ 1.371
1837 Seated Liberty Dime
1837 Seated Liberty Dime Metal Value : US$ 1.371
 1873 S Seated Liberty Dollar
1873 S Seated Liberty Dollar Metal Value : US$ 14.667
1840 Seated Liberty Dollar
1840 Seated Liberty Dollar Metal Value : US$ 14.667
View All
Next Story