Now, gold importers misusing FTA route for money laundering

In July alone, 2.5 tonnes of gold coins imported so far from South Korea under zero-duty facility

If industry experts are to be believed, the recently implemented goods and services tax (GST) regime might have inadvertently opened a channel for gold importers to launder money out of the country. Many bullion importers, it is learnt, have been exploiting the zero-duty facility under India's free trade agreements (FTAs) with several countries for this purpose.

According to an industry veteran who did not wish to be named, "under two treaties that India has signed with other countries - FTA and Comprehensive Economic Partnership (CEP) - gold can now be imported without paying the 10 per cent customs duty, as the