Is smuggling gold illegal?
Precious metal smuggling can take the form of either trading in illegally mined precious metals or obtaining the mined metals illegally and then selling it, with the proceeds of these illegal activities being laundered..
What is smuggling of gold?
Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September. Customs officials have arrested people for attempting to smuggle in gold by concealing it in bags, clothes and their rectums.
What does a smuggler do?
Smuggling is the illegal transportation of objects, substances, information or people, such as out of a house or buildings, into a prison, or across an international border, in violation of applicable laws or other regulations.
How can I import gold in India?
Gold may be brought into India in any form, including ornaments; however, a declaration is needed to be filled by the importer for obtaining the permitted quantity of gold from customs bonded warehouse of State Bank of India or from Metal & Mineral Trading Corporation subject to other conditions.
What is the profit in gold smuggling?
For every kilo of gold brought into India, smugglers save Rs 7 lakh by avoiding import tax, bank premium, GST and income tax. They make a profit of at least Rs 4 lakh even after considering the cut for the carriers and middlemen at various places.
How is gold smuggling done?
With gold purchases in India inviting 12.5% import duty and 3% GST, smuggling of the yellow metal into the country is very rampant. Usually, smugglers use couriers or carriers — mostly air passengers — to move the contraband. Carriers are lured by rackets which offer them money and free tickets.