You are here
Gold smuggling on the rise as high prices boost appeal in India
By Swansy Alonso
Bloomberg News
via Yahoo News
Thursday, December 12, 2019
Surging gold prices in India are keeping customs officials on their toes.
Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September. Customs officials have arrested people for attempting to smuggle in gold by concealing it in bags, clothes, and their rectums. On one flight alone, officials caught 30 passengers trying to smuggle in 7.5 kilograms (16.5 pounds) of gold into Chennai.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
"The propensity to smuggle now is very high because every time you increase the tax rate, you give that much more incentive to smugglers," P.R. Somasundaram, managing director for the region at the World Gold Council, said in an interview. "So it will continue like this unless measures are taken by not just the government but also the trade which shares an equal responsibility to obliterate the grey market." ...
... For the remainder of the report:
https://finance.yahoo.com/news/gold-smuggling-rise-high-prices-220000195...
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
