Gold smuggling at all-time high, seizures total Rs 1,000cr
By GCRU Gold News on Wednesday, May 27 2015, 03:16 - Permalink
For the first time in the history of gold smuggling in India, the seizure in illicit trade has crossed Rs 1,000 crore mark in one financial year with customs, police and revenue agencies seizing more than 3,500 kg of gold in 2014-15. In 2012-13, the same figure stood at merely Rs 100 crore with just about 350 kg gold seized. In two years--since government increased duty on gold to 10% to rein in a yawning current account deficit—gold smuggling has grown by 900%.
That as an accepted principle seizures could be less than 10% of actual smuggling, the figures look even more ominous.