Gold Smuggling Surges by 900% in 2 Years
The ratio of people smuggling gold into India has been increasing day by day. While customs officers were able to get hold of 350 kg gold worth Rs. 100 crores in 2012-13, gold weighing as much as 3,500 kg, worth Rs. 1,000 crores was caught in 2014-15. Gold smuggling rate has surged by 900% in the past two years. Experts say that gold import duty is the major reason for this. A duty charge of 10% has to be paid on importing gold, which is making celebrities as well as common people smuggle gold into India. In fact, it is estimated that the gold retrieved by customs officers would only be 10% of the entire gold that was smuggled. Officials believe that tonnes and tonnes of gold might have reached India via Dubai, Thailand,China and Nepal.