Ahmedabad: With restrictions imposed on international air travel, gold smuggling has been reduced by significantly 83% in the pandemic year.
According to the data provided by the AHMedabad customs, around 17kg gold smugglers were detected in 2020-21 at Sardar Vallabhbhai Airport Patel International (SVPI) in Ahmedabad.
Overall, 102kg gold was smuggled through Ahmedabad airports and letters in 2019-20.
Because it is hampered by international travel, operators who usually smuggle gold cannot fly and smuggle down.
“Usually, when the price of gold surges, the procurement through the unofficial channel rises,” said the source placed properly.
“Until January this year, the basic customs duty on gold was 12.5%.
The international market factor also caused a significant price of gold to surge.” The source added: “However, the lower amount of gold than is usually purchased through unofficial channels for Smundered to India from other countries, because of restrictions imposed by the International Trade Union Government.
” In the pandemic year, around 40 cases of gold smuggling were detected by Customs AHMedabad and several gold shipments, worth 7.3 crore, confiscated.
In 2020-21, the price of gold touched the top of Rs 58,000 per 10 grams on August 7, 2020.
However, due to restrictions on the channel, lower gold smuggled.
“Gold is usually smuggled from countries such as UAE, Qatar and Thailand where the price of yellow metals is lower than in India,” said AHMedabad Senior Customs official.
“Because strict restrictions on international travel, operators used for gold ferries in various forms cannot travel back abroad.
So overall gold smuggling falls.” However, the Bullion trader said that in the run-up of the new law began to apply , Compliance increases and procurement of unofficial channels down too.
“The demand for gold is like that throughout the year because of the situation of the Pandemic recession.
The law on money laundering and tax collection on sources came into force in October 2020,” said Haresh Acharya, Director, Bullion Association and Indian Jewelry (IBJA).
“E-invoices are also made obliged under GST acting full of January 1 in an effort to increase compliance, the procurement of gold has been reduced through an unofficial channel.”