INDIA September 19 2016 5:54
PMNEW DELHI (Scrap Register): Directorate of Revenue Intelligence (DRI) busted a major Gold smuggling racket involving smuggling of around 7000 Kilograms of Gold worth more than Rs. 2000 crore in last two and half years.
This is the single biggest case of detection of Gold smuggling by any agency in India. Value of Gold seizures by DRI in the current financial year (2016-17) up to 18th September, 2016 alone is about Rs 91 crore.
The seized Gold bars of 24 carat purity were admittedly smuggled into India through the Indo-Myanmar land borders and were brought to Delhi from Guwahati by a domestic flight. Market value of the total seized goods is around Rs. 3.1 crore. Involvement of the employees of the airlines and others is being investigated by DRI.
During the current financial year from April to July, 2016, the licit import of Gold (under CTH 7108) has drastically reduced to about 107 metric tons valued at Rs 24000 crore, as compared to 274 metric tons, valued at Rs 60,700 crore, in the corresponding period in the last financial Year. Total Gold import in 2015-16 was about 855 metric tons, valued at about Rs. 1,79,172 crore.