Seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following COVID-19 curbs.
India is the world's biggest gold consumer after China and meets most of its demand through imports. In July it raisedon gold imports to 12.5% from 7.5% to dampen demand, bring down the trade deficit and ease pressure on the rupee.
So-called grey market operators try to avoid the import duties by selling gold at discounts to market prices, which in turn forces competing dealers to lower prices. Customs and other agencies seized 3,083.6 kilograms of gold illegally brought in the country up to November this year, based on data made public by the Ministry of Finance in the parliament on Monday."To deter smuggling of gold, customs field formations and Directorate of Revenue Intelligence keep constant vigil and take operational measures," the Minister of State for Finance Pankaj Chaudhary told the parliament.
India lifted restrictions on international travel from March 27, two years after curbs were imposed to control the spread of COVID-19.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China tackles medical supply snags, price gouging amid COVID fearsChina said on Saturday it would stop checking truck drivers and ship crew transporting goods domestically for COVID-19, removing a key bottleneck from its supply chain network as a dismantling of the country's zero-COVID policy gathers speed.
Read more »
CDC urges masking in NYC and Los Angeles as COVID-19 cases surgeThe Centers for Disease Control and Prevention is urging people in New York City, Los Angeles and other communities to mask up as COVID-19 cases surge amid a spike in other respiratory viruses. Elise Preston has more.
Read more »
Health experts: RSV, COVID-19 surge highlights need for more paid sick leaveThe U.S. doesn't guarantee paid sick leave, and often doesn't offer enough at companies that have it. Health experts say it impacts communities ability to stay healthy.
Read more »
Holiday season bringing another rise in COVID-19Coronavirus cases and hospitalizations are on the rise again in Illinois amid the holiday season. And this year, the increase in COVID-19 has been accompanied by surging cases of flu and other respiratory viruses.
Read more »