Spike in gold smuggling via SEZs under lens; PMO seeks Customs report

A spike in gold coming into the country illegally through special economic zones (SEZs) has attracted the attention of the Prime Minister’s Office (PMO), which has sought a report from the Central Board of Indirect Taxes and Customs (CBIC). 
 

The report should contain details about official gold imports, its usage in the domestic market, smuggling trends, possible curbs to mitigate the negative impact of gold imports on the trade deficit, and the current account deficits, said sources in the government. 

In the current fiscal year (2019-20 or FY20), the country’s gold imports till August touched $14.5 billion, according to the