Business Standard

Customs department seizes 23% more illegal consignments of gold in Q1

Experts cite higher import duty as reason for rise in smuggling

Letter to BS: Measures needed to make gold deposit schemes popular
Premium

Shrimi Choudhary New Delhi
Clearly indicating a rise in gold smuggling, the Customs department has seized 23 per cent more illegal consignments of the precious metal in the April-June quarter compared to the same period last year. A rise in import duty could be a reason for this, said experts.

In the first quarter (Q1) of 2019-20 (FY20), the department seized 1,197 kg gold, compared to 972 kg in the April-June quarter last year.

The Directorate of Revenue Intelligence (DRI) said authorities had seized 4,058 kg (a little over 4 tonnes), worth Rs 1,500 crore, in the fiscal year 2018-19 (FY19) — 25 per

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 30 2019 | 11:19 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com