Author: Paul Ploumis18 Jun 2014 Last updated at 02:55:58 GMT
NEW DELHI (Scrap Monster): Though the gold prices and its demand may have declined in India, the smuggling of precious metal is unlikely to end soon.
On Tuesday, the Border Security Force of India (BSF) seized 37 gold biscuits worth millions of dollars from a Bangladeshi clearing and forwarding (C&F) agent at Petrapole in North 24-Parganas.
According to the BSF officials, the 4.115 kg gold bars are valued at approximately Rs 1.16 crore. The officers had already arrested three C&F Agents, hailing from Bangladesh for smuggling gold in past months.
As per the media report, since the import tax on gold in Bangladesh is very low because Bangladesh is being used as a transit spot for gold smuggling into neighboring India where the import tax is currently spiked to 10%, and where there is a voracious demand for gold.
According to the Financial Express of Dhaka, in these days, Bangladesh witnesses a huge surge in customs seizures of smuggled gold into Bangladesh over the last year.