Smuggling of gold on the rise following record prices, high duty

-


Mumbai: Apart from price hike, high import duty and cancellation of international flight services, smuggling of gold is increasing in the country. A total of 18% duty is levied on gold along with 3% GST. Large-scale smuggling of gold and silver has been caught in the country. In the 11 months from April last year to February of the current year, various agencies of the country seized 3990 kg of smuggled gold. According to the received government figures, the figure was 2170 kg in the financial year 2021-22, while it was 1945 kg in 2019-20.

Customs department sources said that there has been a sharp increase in gold smuggling in the financial year 2023. Compared to 2020-21, there was a huge increase in aircraft traffic in the country in the last financial year. The number of passengers also increased accordingly.

Last financial year, 600 kg of gold was seized at Mumbai airport alone. Since the gold prices in India are relatively high, good returns are available here, not only that, India is a large consumer of gold in the world.

Sources said that various techniques were also being tried to smuggle gold into the country recently. Especially gold that is hidden inside the body becomes a bit difficult to catch.

Most of the gold is smuggled into India from African countries including Sudan. Not only Mumbai but also from airports like Lucknow, Chandigarh, Bangalore, Chennai, Kochi, smuggled gold has been found to be smuggled into the country.

It is to be mentioned here that in the financial year 2023, more than 15 percent return was released on gold investment. Apart from safe haven investment, the demand for gold in the country is also high due to high returns.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more