Explainer: Why Gold Smuggling Is Booming And Seizures Are Growing

(MENAFN- Live Mint) Gold smuggling networks have come back to life in the few months since the import duty hike in May, triggering a rash of seizures by the Directorate of Revenue Intelligence (DRI). The agency seized around 205 kg of foreign-origin gold till 10 September this financial year, as smuggling thrives even in an age of extensive digital surveillance. The high value of gold and the wide price gap between legal and smuggled gold have revived the practice, undermining the government's effort to curb imports and save forex. Recent seizures have also exposed new routes, methods and facilities used by smugglers.

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