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Gold smuggling is controlled. In fact, there has been a significant decrease in gold smuggling since the government cut import duty on precious metal in July 2024. Indirect Taxes and Customs Board (CBIC) Chairman Sanjay Kumar Aggarwal has said this. In July 2024, the government reduced the import duty on gold to 6 percent. According to the available data, Customs and DRI officials have seized 847 kg of gold worth Rs 544 crore at various airports in the country during the April-June period of the current financial year. In July, the government reduced customs duty on gold from 15 percent to six percent. Aggarwal said, in the last year’s budget, there has been a significant decrease in smuggling of gold after reducing the rate of fee on gold. However, Aggarwal did not disclose the amount or value of the seized gold, but he said that the authorities keep regular monitoring of international passenger traffic, borders and commercial cargo coming into the country to prevent drug trafficking through any route. Are you
Fat money by secretly bringing out
There is a secret movement of goods across national borders to avoid smuggling, customs or imports or export restrictions. This usually occurs when customs are so high that smugglers can make more profit by secretly bringing such products. The Directorate of Revenue Intelligence (DRI) under the CBIC is the apex agency of Indian customs in the anti-smuggling region in India. During FY 2023-24, DRI officials alone seized 1,319 kg of gold. It is part of 4,869.6 kg of gold seized by CBIC including Customs Officers in 2023-24. 1,922 people were arrested by the CBIC during the year.
India became a major destination
According to the DRI’s report on smuggling in India released in December, India has become a major destination for illegal gold imports. In this, gold and silver come mainly from Gulf countries such as the United Arab Emirates (UAE) and Saudi Arabia, where these metals are available at low prices. Gold smuggling is a major medium through air route in India. West Asian and Southeast Asian countries have traditionally been its main origin. Recently, African airports such as Nairobi and Aidis Ababa, as well as airports such as Tashkent have also emerged as a prominent place for smuggling.
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