Gold has been smuggled primarily via land border Myanmar, Nepal and Bangladesh. (Representative picture)
As per a DRI report for 2021-22, gold smuggling in India is fuelled by the large demand for gold, mixed with import obligation on licit import of gold.
Smuggled gold seizures have elevated almost 43 per cent to 2,000 kilogramme throughout April-September, with a lot of the yellow metallic getting into India via the land borders of Myanmar, Nepal and Bangladesh.
Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal mentioned in April-September interval of final 12 months, 1,400 kg of gold was seized, whereas through the full fiscal 2022-23, round 3,800 kg was seized.
“There is no change in duty structure of gold vis-a-vis last year. But smuggling may be dependent on the prevailing prices of gold in international and domestic markets.” Agarwal instructed reporters right here. Gold smuggling seizures this 12 months from April until September 2023 is 2,000 kg vis-a-vis 1,400 kg in the identical interval final 12 months.
“Gold has been smuggled mainly through land border Myanmar, Nepal and Bangladesh,” Agarwal mentioned. The development of gold smuggling into the nation depends upon the costs prevailing in home market and worldwide market. It can’t be solely linked with the customs obligation prevailing on gold, the CBIC chief mentioned.
The division is making concerted efforts to curb gold smuggling whether or not it’s via land borders or via airports or every other routes, Agarwal mentioned.
To deter the smuggling of gold, Customs subject formations and the Directorate of Revenue Intelligence (DRI) hold fixed vigil and take operational measures, reminiscent of passenger profiling, danger-based mostly interdiction and focusing on of cargo consignments, non-intrusive inspection, rummaging of plane and coordination with different companies.
As per a DRI report for 2021-22, gold smuggling in India is fuelled by the large demand for gold, mixed with import obligation on licit import of gold. The primary Customs Duty fee on gold is 12.5 per cent.
Along with the Agricultural Infrastructural Development Cess (AIDC) of two.5 per cent and IGST fee of three per cent relevant to the imports of gold, the general tax fee works out to 18.45 per cent.
India is a negligible producer of gold and the large demand for gold within the nation is met via imports. India imports gold dore bar in addition to refined gold.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
