Wait...
  1. Home >
  2. Export Import News >
  3. SEZ >
  4. 40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested >
  5. 40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested.


Date: 20-12-2016
Subject: 40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested
NOIDA: The Directorate of Revenue Intelligence (DRI) arrested an exporter on Monday and seized more than 40 kg of gold allegedly meant to facilitate illegal exchange of the demonetised Rs 500 and Rs 1,000 banknotes.Worth over Rs 12 crore, the gold was recovered from various places in Delhi.

The exporter operated out of the Noida Special Economic Zone (NSEZ), from where he is alleged to have diverted gold meant for export into the domestic market.

The NSEZ unit imported gold from Dubai for the purpose of making jewellery and re-exporting it to the United Arab Emirates.

Imported gold worth over Rs 150 crore is believed to have been diverted to the local market, allegedly benefitting peo ple engaged in the illegal exchange of the scrapped tender with gold bars post demonetisation. DRI officials have seized fake `export' consignments of gold, the precious metal replaced with copper, from the exporter.

"In multiple searches conducted by DRI officials on the business and residential premises of the mastermind, 40 kg gold... has been seized and the mastermind of the fraud... has been arrested and remanded in judicial custody," a senior DRI officer said.

DRI officialsconducted se arches on multiple locations in the national capital on Monday to track other gold consignments diverted by the exporter. The mastermind has also reportedly revealed international links of the goldsmuggling network operating from India.

Import of gold for the domestic market invites 10% basic customs duty . "Smuggled gold has been in high demand in India post demonetisation since it is being considered a safe commodity to launder black money ," the DRI officer said.

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-01-2020
Notification No. 01/2020-Customs (ADD)
seeks to amend notification No. 40/2017-Customs(ADD) dated 25-08-2017, to revise anti-dumping duty on imports of "Sodium Nitrite" originating in or exported from China PR, in pursuance of final findings of sunset review investigations issued by DGTR vide notification No. 15/06/2016-DGTR dated the 8th November 2019..

Date: 23-01-2020
A.P. (DIR Series) Circular No.20
Merchanting Trade Transactions (MTT) – Revised Guidelines

Date: 23-01-2020
A.P. (DIR Series) Circular No.19
‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations

Date: 23-01-2020
A.P. (DIR Series) Circular No.18
Investment by Foreign Portfolio Investors (FPI) in Debt

Date: 21-01-2020
Circular No. 4/2020 – Customs
Clarification relating to import of gifts - Reg

Date: 20-01-2020
A.P. (DIR Series) Circular No.17
Introduction of Rupee derivatives at International Financial Services Centres (IFSC)

Date: 17-01-2020
TRADE NOTICE NO. 46/2019-20
Mis-classification goods under 'Others' category at the time of Import- reg.

Date: 16-01-2020
Notification No.05/2020 - Customs (N.T.)
Exchange Rates Notification No.05/2020-Custom (NT) dated 16.01.2020.

Date: 15-01-2020
Notification No. 03/2020- Customs (N.T.)
Notification of Ghasuapara LCS for imports also by amendment of Notification No. 63/1994-Customs dated 21st November 1994

Date: 15-01-2020
Notification No. 04/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001