Increase in smuggled gold in India.

According to a recent report by the Central Board of Indirect Taxes and Customs (CBIC), seizures of smuggled gold in India, have increased by nearly 43 per cent in the first six months of the current financial year (2023-24). During the same period last year. It is reported that the amount of gold smuggled into the country may increase significantly.

Gold

Gold smuggling is increasing day by day

CBIC chairman Sanjay Kumar Aggarwal attributed the increase in seizures to several factors, including prevailing gold prices in the international and domestic markets. He also said that the customs department is working well in detecting gold smuggling.

However, it is important to note that the increase in seizures does not necessarily mean that gold smuggling has increased. It is possible that the customs department will be more effective in catching smugglers.

However, the 43 percent increase in gold seized is a significant cause for concern. Gold smuggling is a major economic crime, costing the Indian government billions of dollars in lost revenue every year. This will also distort the gold market and lead to inflation.

In the last financial year 2022-23, 3,800 kg of smuggled gold was seized. Also, 1,400 kg of gold was seized between April and September last year. This year it has increased to 2,000 kg during April and September.

To prevent gold smuggling, the Indian government is taking several measures including increasing the import duty on gold and investing in new monitoring technologies. However, it is clear that more needs to be done to address this issue.

Here are some reasons for increasing gold smuggling in India

Price differential: Gold is generally cheaper in international markets than in India. This price difference makes it profitable for smugglers to smuggle gold into the country.

Demand: India is one of the largest consumers of gold in the world. This high demand creates a large market for smuggled gold.

Porous borders: India shares long borders with several countries including Myanmar, Nepal and Bangladesh. These borders are relatively porous and easy to cross illegally, making them ideal routes for gold smuggling.

Corruption: Corruption of customs officials can also facilitate smuggling of gold.

The Government of India should take further measures to curb gold smuggling, such as increasing border surveillance, strengthening customs enforcement, and reducing price differentials between the domestic and international gold markets.

Comments

What are the retirement expectations of Indian youth?

A majority of the Indian youth want to retire early and are expecting a large pension, a study has revealed. Retirement plan Retirement preferences of Indian youth In a survey conducted by Grant Thornton Bharat among various stakeholders across India to find out about retirement planning, more than 55 percent of the participants said that they expect a pension of more than Rs 1 lakh per month during retirement. However, it has also been revealed that the savings they have made are not enough to compensate for this. This study reveals that there is a huge gap between pension preferences and retirement planning. Most of the participants in the study said that they want to retire before the age of 45 to 55. However, they rely on traditional means such as provident fund, national pension scheme, and gratuity for retirement planning. More than 76 percent of the participants in the study said that they have not invested in annuity plans. The study emphasizes ...

This gold price is not permanent.

This gold price is not permanent, but when people think of a problem in the country, they buy gold first. It is good to buy as much as needed, but buying too much is foolish. When there is a famine, the things they buy are food, clothing, and money. If we don't have money, it is difficult to sell gold for urgent needs. Gold price Gold market crash history Will there ever be a situation where gold , which has been rising very, very rapidly in a short period of time, will become a commodity? Studies on gold say that it may come. If we look at the price of gold over the past 50 years, rather than just 10 or 20 years, it seems that what you are saying has happened. That is, in September 1980, the price of 1 ounce of gold touched $666. 19 years later, in September 1999, the same 1 ounce of gold was sold for $255. A 62 percent decline. An ounce did not touch $666 again until 2007. That is, 27 years later. Next, in 2012, 1 ounce of gold touched $1,772. But, in just three ye...

What is the new rule of bank locker agreement

The bank locker facility helps in keeping gold jewelry, money, important documents, etc. safe. Those who use the locker service must sign a renewed agreement. Bank locker How to avoid the risk of bank locker service being suspended? Those who have not yet signed the renewed agreement should do so immediately, banks are reminding them. If the renewed agreement is not signed, there is a risk of the locker service being suspended. Let's see the important aspects related to locker agreement renewal. Locker Agreement: The Reserve Bank of India ordered in 2021 that a new rental agreement should be obtained from the beneficiaries using locker services. The Reserve Bank took this step considering customer complaints, technical aspects, and Supreme Court guidelines. Extension of deadline: The objective of the locker renewal agreement is to improve transparency and security regarding the operation of the locker service. The deadline for this was extended twic...

22k jewelers

Search This Blog