Gold price boom leads to a surge in smuggling cases
Mumbai-India (Nov 5) The latest fluctuations in gold prices in international and domestic markets are keeping the Directorate of Revenue Intelligence (DRI) officials in a state of constant vigil as they are expecting a surge in gold smuggling cases in the coming days.
The officials claimed that there was a lull in gold smuggling a couple of months back since the gold rates in Dubai market were more or less on par with the domestic rates or higher. But in recent weeks, the international rate of gold has been comparatively lower and Middle East based gold smuggling racketeers are once again becoming active across the country. As on Friday in Dubai, 10 grams of 24 karat of gold was 1,575 dirhams ( Rs 28,475) while the same quantity of gold was worth Rs 30,562 in the domestic market.
“Looking at the market trends, we are expecting a rise in gold smuggling with the restrictions on import and lower international rates. As of now, the smugglers will get a profit margin of Rs 3 lakh to Rs 4 lakh per kg of gold illegally brought into the country,”said sources.
In the latest incident, DRI sleuths in Bengaluru seized five kilos of gold bars worth around Rs 1.6 crore that were found taped underneath the seat of a passenger onboard a Jet Airway (9W515) flight operating between Abu Dhabi and Bengaluru. Acting on a specific tip-off, DRI sleuths detained the passenger identified as Abhdul Rauf from Kodagu after he landed at around 3.45 am on Thursday. The investigators are planning to extend the scope of probe to the ground staff at Kempagowda International airport for further leads in the case.
“The passenger was caught before he could exit the airport. Definitely, there seem to be some other people involved in the racket as the gold was left inside the aircraft. So technically it was to be found by someone else from the ground staff baggage crew. We are investigating these aspects. The passenger, a ninth standard dropout, has been remanded to custody and he has visited the middle east on numerous occasions,” sources added.
As per the norms, any woman passenger returning to India after a one-year stay abroad can legally bring gold worth up to Rs 1 lakh and a male passenger can bring gold worth Rs 50,000 after paying concessional duty rates. The DRI officials have seized 112.45 kg of smuggled gold worth Rs 32.38 crore in Karnataka in the previous financial year (2015-16) and 44.03 kg of gold worth Rs 13.52 crore has been seized in various operations in the state in 2016 till October.
Source: BanggalorMirror
