With increased restrictions on gold import and duty hike, gold smuggling seems to be on the increase.
huge haul
In a “huge haul” on Friday, Chennai Airport customs officials seized 12 kg of gold from two passengers from Dubai.
According to sources in the Revenue Intelligence department, in the first four months of the current financial year, customs officials across the country have seized gold worth over Rs 90 crore, which according to them, is 10 times that in the same period last year.
“In the last four months, we have arrested 32 people in connection with gold smuggling, as against four last year,” said one official.
Sanjay Kumar Agarwal, Commissioner of Customs, Chennai Airport, said as there is a huge margin, smuggling is on the rise and customs department officials have been keeping extra vigil and scan almost every passenger and baggage meticulously.
So far in August, he said, almost 16 kg of gold smuggled in through Chennai airport has been seized, which is worth over Rs 5 crore at today’s value.
innovative
Besides, smugglers are also getting more innovative, he pointed out.
For an example, he said a passenger arrived from Dubai was found concealing two gold bars (weighing 1 kg each) inside the underwear.
N. Anantha Padmanaban, Regional Chairman and Director, All-India Gem and Jewellery Trade Federation, says smuggled gold is currently available in the market in plenty.
“This is something we expected,” he said.
The entire jewellery industry fears that the duty hike will encourage smuggling.
That too, with the festival season drawing close, smuggling may get rampant in the market.