Gold replaces narcotics as the most valued smuggled item in India
"The Bombay Bullion Association has stated that the tighter import curbs by the government have resulted in a huge gap between supply and demand for the precious metal. This huge gap is being partly filled by the illegal traffickers who buy the gold overseas at a cheaper rate and sells it to domestic jewelers or bullion agents by evading tax. Revenue authorities seized gold worth Rs 598 million during April-June quarter this fiscal, an increase of nearly 365% in comparison with the same quarter last year. Smuggled gold pours into the country mainly from Dubai, Bangkok and Singapore." Continue reading →