Gold smuggling in India multiplied 14 times between FY '11 and FY '14.

MUMBAI : According to statistics released by India’s Directorate of Revenue Intelligence (DRI), the worth of gold seized in India has multiplied by 14 times between FY ’11 and FY ’14. The value of seized gold in FY ’14 has risen to Rs.250 crores when compared with 17.22 crores in FY ’11.

The DRI data indicates that Mumbai International Airport is the biggest entry point of smuggled gold into the country. During the initial ten months of the current fiscal from April 2013 to January 2014, customs officials have seized 204 kilograms of smuggled gold, up nearly 300% when compared with 54 kilograms seized during the corresponding period last year. In a massive gold haul yesterday, the Air Intelligence Unit (AIU) of the Indian Customs had seized 18 kilograms of gold in a single day.

Between April 2013 and November 2013, the DRI officials have arrested 206 smugglers and carriers. The number has jumped by over 400% in comparison with last years’ 38.

The sudden spurt in smuggling acts is mainly attributed to the higher government duty on gold imports. As per DRI officials, most airports in the country are currently understaffed. Also, the law for punishment of offenders has several loopholes in it.

The actual gold smuggled into the country is much more than the above cited figures, say DRI officials. According to World Gold Council estimates, gold smuggled into India is nearly 200 tons per annum.

Source : metal.com