Gold smuggling into India has increased dramatically since the nation hiked its import duty on the yellow metal from 4% to 15% last year, and presently down to 10%, with authorities saying they have seized nearly four times more gold in the first quarter of the current fiscal year (April to June) than in the same period last year.
The Directorate of Revenue Intelligence (DRI) and the Indian Customs Department together seized 128 kilograms of smuggled gold in the Indian state of Gujarat alone, Resource Investor reported.
According to the article, the customs department at the Sardar Vallabhbhai International Airport said attempts of smuggling gold have more than tripled in the April-June period, compared to the same quarter last year. Officials have confiscated 20.3kg of gold so far, compared to only 6.1 kg they stopped from coming into the country in the same quarter last year.
The situation at the Delhi airport is even worse. Officials estimate they seized 352kg of gold by the end of 2013, 52 times more than the previous year. They said they believed that only a 12th part of all the gold smuggled through that airport is actually detected.
Looking for a secure way to buy physical gold and silver?
GoldMoney company offers you 6 months of FREE storage if you sign-up and buy physical metals via www.goldreference.org. Simply choose “GoldReference.org” from the dropdown list, or manually write goldreference, when you open a Holding at GoldMoney. See also our page How To Buy Gold & Silver Online.