What Is The Punishment For Gold Smuggling In India?

Will gold price go down in 2021?

Analysts at Bank of America BofA Securities believe that gold prices in the international market may rally to $ 3,000 per Ounce (oz) by the end of 2021..

What happens to gold seized by customs?

It has to be followed scrupulously otherwise the Court may release the seized goods to the accused. After adjudication or maybe even before it may be sold off to SBI in standard form (converted into bars if ornaments are seized) after taking court order.

Which country has cheapest gold?

Hong KongHong Kong could be the country with the cheapest gold price in the world. You can walk into a number of banks and purchase gold coins, often with a lower premium compared to other countries.

Why do people bring gold from Dubai?

Another reason why expats convert their savings to gold is the precious metal provides a hedge against inflation. A few years back, the Indian Central Board of Indirect Taxes and Customs, had imposed a gold limit from Dubai to India.

Why gold is smuggled?

Why Are Keralites Smuggling Gold? According to a gold businessman in Dubai, gold is smuggled into India, especially Kerala to evade tax and also to use the yellow metal as a material currency. “The price of one kilogram gold (24 karat) is around Rs 43 lakh in Dubai.

Is gold smuggling illegal?

Gold imports were banned till 1992. This resulted in a surge in smuggling activity that bridged the demand-supply gap. After the liberalisation of the economy in the early 1990s, there was an expansion of the black economy in the economy. This happened because of the active connivance of officials and private players.

Who controls gold price in India?

The Indian Bullion Jewellers Association or the IBJA as it is known plays a key role in determining day to day gold rates in the country. IBJA members include the biggest gold dealers in the country, who have a collective hand in establishing prices.

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.

Will gold price come down in 2020?

So this an early stage bull market in precious metals, and our gold price forecast reflects a slow start in 2020 with first signs of picking up speed in 2021. We predict gold’s price could rise to $1,750/oz in 2020, and $1925/oz in 2021.

Why gold price is increasing now?

Rise in International Gold Prices Over the last few weeks, rising number of coronavirus cases, increasing US-China tensions, and overall economic slowdowns have led to a constant rise in gold prices around the world.

Who is Swapna Suresh?

Swapna Suresh reportedly started her career at the passenger service department at Abu Dhabi airport before she returned to Thiruvananthapuram with her daughter and joined a travel agency. In 2013, she started working with Air India SATS (AISATS) when she was allegedly involved in a forgery case.

How gold is smuggled India?

According to industry estimates, around 100 -120 tonnes of gold enter into the country through the illegal route as Indians started parking black money in gold. Officials of the Civil Aviation say Indians stuck abroad are being used by the smugglers to ferry gold, especially through charter flights.

What is the profit in gold smuggling?

As per the present market value of gold in India, 1 kg of the smuggled yellow metal would fetch a profit of Rs 5 lakh on import duty alone. The tax evasion would continue till the smuggled gold lands in jewellery showrooms as ornaments, thus enabling the dealers to make huge profits.

What smuggling means?

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. There are various motivations to smuggle.