Nagpur: Around RS5 Lakh Profit in Kg Gold by avoiding taxes has triggered the smuggling of precious metals to the city from other countries and also from all borders.
Some kilograms of gold purchased illegally entered the Nagpur bar market regularly, it was also studied.
The latest actions of the Directorate of Income Intelligence (DRI) intercepted smugglers at the Raipur Train Station Chhattisgarh underlined the fact that Nagpur had turned into a Nexus Smuggler-trader hub because of its strategic location in Central India.
The man, on his way to Nagpur, was arrested by a gold value of more than Rs1.63 Crore.
I knew he had received gold in Kolkata after being smuggled to India from Bangladesh through the porous border.
The source in the Sarafa Itwari market, where most gold exchanges are smuggled directly in the city, saying the squeeze feels easy to use Nagpur as a transit point for the remaining Maharashtra.
Gold brought illegally, mostly in the form of biscuits, used as raw material for gold jewelry and sent in Maharashtra.
Rajesh Rokde, Secretary of the Nagpur Bullion Traders Association, said the tax plate which was quite 10% was behind the burst in a gold smuggling activity.
“We have repeatedly requested the government and authorities to reduce taxes to 4% and GST to 1% of the current 3%.
This reduction will automatically reduce illegal activities because the main focus of the extension is tax avoidance,” he said.
“The government will also reap the benefits of rich in more legal and tax trading,” Rokde said.
The source also said the maximum gold now came from Bangladesh through Kolkata.
Gold also comes from Nepal through different routes.
International gold smugglers also carry valuable yellow metals from London and Dubai to Mumbai.
Such gold was also learned to come to Nagpur because it turned it into ornaments and jewelry.
“Nagpur is home to a talented unique gold artisan, including the Bengali community, which specializes in making various traditional ornaments such as Goph, Chapalakanthi, Asthafelu Patli, Rings and so on.
These products are unique and best made in Vidarbha style,” said a person source.
Purushottam Kaware, Maharashtra President Sarafa Suvarnakar Mahamandal, said some bars are looking for more profits by buying gold who are not billed without paying taxes or GST, but such practices can be reduced by reducing tasks and additional costs, which do not need to be stored on the side more tall.
.
“The customer wants cheaper gold ornaments and also a bull bull dealer to offer it at a competitive level.
Therefore, the merchant is tempted to buy gold at a lower price without paying taxes so he can offer it at a lower price,” Kaware said , the reason why smuggling has increased at this time.
“Farmers also buy gold after getting profit and selling it during their needs.
They are mostly customers who are looking for gold at cheaper prices,” he added.