Gold prices in India have reached a record high. After this, the fear of gold smuggling in India has also increased. This is not a new thing but it happens on such a large scale that you may be surprised. Between April and June 2019, the Customs Department of India issued a catch of about 1198 kg of gold. This is 23.2 percent more than the same time last year. After all, how big is the gold smuggling business in the country and how is it done.
There are reports quoting gold traders that in the case of gold, the world’s second largest consumer of gold, India has to pay a tax of 12.5 to 15.5 percent on gold imports, hence promoting gold smuggling. have been found. At the same time, according to Custom and DRI, there are more cases of gold smuggling from the Middle East because there is a difference in the prices of gold in the Middle East and India, due to which smugglers get direct profits. Come, know the whole story sequentially.
How big is the gold smuggling business?
According to official figures, in the financial year of 2018-19, a total of 4 tonnes of gold being smuggled across the country was caught, which was about 3.15 tonnes last year, which was valued at Rs 974 crore. This is about the gold being smuggled which was caught, but how big is the business of smuggling gold in India, how will it be known?For important information, information and answers to interesting questions and news click on Knowledge@ Hindi
The annual business of smuggling around Rs 35 to 40 thousand crores is not impossible. file photo.
The Economic Times report quoting DRI said that the seized gold accounts for as much as 10 percent of the total smuggled. That is, smuggling of about 33 tonnes of gold worth Rs 9 thousand crore was estimated in the financial year of 2017-18. At the same time, reports quoting the World Gold Council that 95 tonnes of gold was smuggled into India in 2018. According to the data of the Indian Association of Gold Refineries and Mints, this doubled smuggling. That is, there is no confirmed figure, but if an estimate is made, the annual business of smuggling up to Rs 35 to 40 thousand crores is not impossible.
How is smuggling done?
Smuggling of gold has generally been done in the form of biscuits, but over time many tricks have been adopted. Carriers have adopted the trick of swallowing gold biscuits for smuggling in low quantities. According to a report in The Hindu, an attempt has been made to smuggle gold with other chemicals by applying a paste on the body. The second thing is the route or network. The latest trends show that gold smuggling between the Middle East and India has increased significantly because gold prices in the Middle East are less than India by up to Rs 4,000 tola. Even after paying 1 thousand rupees per tola to the smuggling carrier, the smuggler gets a direct profit of 3 thousand rupees per tola.
Myanmar’s Classic Smuggling Route
Myanmar has a border with four states of the Northeast, on which there is no special vigil in a large area. According to the report of ET, the price of gold in Myanmar is also less than India by up to 5 thousand rupees per tola. That’s why smuggling has been happening from here for a long time. According to the news quoting officials of Customs and DRI, smuggling starts from Moreh in Myanmar and gold reaches Imphal first. This gold, which reached through many hands, is sent from Imphal to Dimapur in Nagaland and Silchar in Assam. After this it is delivered to cities like Delhi, Calcutta through rail or local air travel.
The gold coming through Myanmar is said to be pure up to 99.76 percent. file photo.
More statistics on gold smuggling
Among the things that are most smuggled in the world, gold is at number five.
In 2013, a report said that 700 kg of gold is smuggled into India every day. Now the smuggling figures have increased almost 10 times as compared to 2013.
Gold is smuggled into India through western routes connecting to Nepal, Bhutan, Bangladesh as well as the Middle East.
The gold coming through Myanmar is said to be pure up to 99.76 percent. According to the TOI report, the gold that is exported from India to the Middle East is mostly gold smuggled from Myanmar.
Why did Myanmar become a smuggling route?
For a long time, there was an atmosphere of war between the armed forces and the militants in the states of North East India, but in the last about 10 years the situation has changed here. In a way, the smuggling of weapons almost stopped, but those routes of smuggling remained. Experts of Custom, DRI and Intelligence believe that smuggling of gold has increased through these routes. Secondly, in terms of geographical location, Myanmar connects with Thailand, China as well as East Asia, so it has become a very favorable area for smuggling, which is becoming notorious for smuggling not only gold but also drugs. .
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