Gold smuggling on the rise as high prices boost appeal in India

Section:

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.

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"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...

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