Sharp rise in gold smuggling likely after duty hike, govt gets into action

Revenue intelligence officials asked to tighten vigilance; bullion analysts foresee 300-tonne spike off the record

The hike in import duty from 10 per cent to 12.5 per cent, along with three per cent GST, has taken  the total tax on gold to 15.5 per cent, providing potential stimulus to smuggling. A few veteran bullion analysts, who didn't wish to be named, have in fact estimated that a staggering 200 tonnes of the precious metal would make its way into the country illegally this calendar year. This is over and above the existing quantity of gold currently being smuggled into India, and the figure could go up to as