Tightened rules leads to surge in gold smuggling cases by 400%

Uncertainty over disclosure norms of gold sales under the Prevention of Money Laundering Act (PMLA), have led to an exponential increase in gold smuggling. The precious metal had seen an unprecedented 400 per cent increase in cases of gold smuggling seizures in just 6 months via air route, revealed air intelligence unit of custom department in Mumbai.

According to the air intelligence data, about 148.71 kg gold worth Rs 40 crore were smuggled between April and September in Mumbai airport alone. This is against 89 cases registered in the same period a year ago, worth Rs 17 crore.

Interestingly, in 2016-17, total