The Phaserl


India Gold Smuggling Explodes YoY

by Shivom Seth,

Seizures of smuggled gold in India over the first three months of the current fiscal year has already exceeded 50% of the total amount seized during the previous fiscal. It is also over seven times of the amount seized during 2011-12.

According to figures released by the government, between April and June it intercepted $44 million worth of smuggled gold at the country’s airports. That compares with $82 million in the year ended March 31.

Last year, between April and July, the Mumbai airport customs had seized 61.46 kilograms gold, while this year until July, it had seized 403.52 kilograms. The customs officials at the Chennai airport in the South, have also reported seizing much more gold than last year.

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