Gold seizures double, raise fears of rise in smuggling.
Gold smuggling seems to be on the rise as seizures by the Customs Department has doubled in one year.
According to data compiled by the Directorate of Revenue Intelligence (DRI), the total quantity of gold seized by the Customs in 2017-18 was 3,223 kg valued at ₹974 crore, an increase of 103 per cent from 1,422 kg valued at ₹472 crore seized in 2016-17.
Unofficial estimates suggest that seizure forms any thing between 5 and 10 per cent of the total illegal trade. Considering this, smuggling of gold could be up to 30 tonnes during the last fiscal with a value of over ₹9,000 crore. The agency is taking all steps to check innovative ways of smuggling.
According to the publication ‘Smuggling in India Report 2017-18’ by DRI, a large part of the domestic gold market is being served by the illicit smuggling of gold. Majority of seizures made by the DRI has been those imported through India’s land borders in cities such as Kolkata, Mumbai, Chennai and Delhi, which are high consumption centres of smuggled gold.
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