Gold smuggling: Financial intel sleuths search jewellers for alleged duty evasion

Customs, DRI and CISF had in past months seized gold worth crores from many places, including Bangalore and Mumbai. Earlier this year, about 250 kg of gold plates imported from Dubai worth Rs 68 crore were seized by DRI officials from the premises of a trading firm here and in neighbouring Noida.

At present, 10 gm of gold ranges between Rs 31,000-32,000. A Finance Ministry report, citing high intrinsic value of gold, has said the yellow metal is preferred as an asset class for hiding 'black' income even in times of high inflation or uncertainties plaguing the economy, and despite chargeability of jewellery, gold and bullion to wealth tax.

It has suggested better reporting and monitoring systems to trace the dealings in bullion and jewellery through Income Tax, Customs and Sales Tax Acts.

ALSO READ

Gold, silver plunge on stockists selling, weak global cues

Gold price holds near 1-week low, ETFs outflows persist

Gold declines by Rs 250 on weak global cues

Gold futures prices down on weak global cues, profit-booking