The Phaserl


Smuggling Gold worth $5 billion to hit India this year

from BullionStreet:

India’s efforts to curb gold imports are backfiring as the country already started to suffer from illegal gold transactions.

Reports said old style gold smuggling is back in the country as series of restrictions by the government makes it difficult for the importers to buy from abroad while smugglers are offering much lower prices.

Analysts said smuggling became a lucrative affair after the rise in customs duty on gold imports and people risking their necks to smuggle in gold.

They added that smugglers got an opportunity after being sidelined for nearly 15 years due to liberalized policies of the government on gold imports.

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