Author: Paul Ploumis28 Apr 2014 Last updated at 03:54:00 GMT
NEW DELHI (Scrap Monster): As the gold import in India has been controlled by stringent regulations, the gold smuggling has spiked more than ever in the country.
Mr. Palaniappan Chidambaram, the Financial Minister of India said that gold smuggling had hit about 3,000 kg every month, worth Rs 60,000 crore. It is believed that the actual gold smuggling is five times higher than officially reported in this FY.
It is said that the customs officers has snatched over Rs 565 crore worth of gold in this financial year (FY ) whereas it was 100 core in 2012-2013 financial year.
The people have been using creative and innovative methods to import gold illicitly from abroad. They implement even science and technology in gold smuggling to trick official checking. According to the report, the Directorate of Revenue Intelligence (DRI) has nabbed 263 people for gold smuggling this FY while it was 30 in last FY.
India has enforced 10% duty on gold import to curb the current account deficit to $ 32 billion in FY 13-14 from $ 88 billion in FY 12-13. As per the official report, the import duty collection has spiked to Rs 1,234 crore in this FY from 1,130 crore in FY 12-13.