Mumbai is a transit hub for gold smugglers as there is a big market for precious metals. Several syndicates, including jewellers who finance the racketeers are involved, say customs officials.
A seizure of 604kg of smuggled gold at the Mumbai international airport in just 11 months has earned it the dubious distinction of being the country’s number one airport in such hauls, overtaking Delhi at 374kg and Chennai’s 306kg, the customs department has revealed.
The seizure at Mumbai airport between April 2022 and February 2023 is also a sharp increase from 91kg in 2022-23. Since October 2022, more than 20 foreign nationals have been arrested for smuggling gold in Mumbai. On February 10, customs officials arrested two Kenyan nationals, including an international airline crew member, for aiding and abetting the smuggling of 18kg of gold worth Rs 10 million at the city airport.
According to World Gold Council (WGC), gold smuggling rose 33% to 160 tonnes in 2022 in India compared with the pre-Covid period due to the hike in the import duty to 12.5% from 7.5%. With an additional 3% GST, consumers pay an 18.45% tax on refined gold.
Besides, with gold prices crossing Rs 60,000 per 10gm, “profit” from gold smuggling has increased from 15% to 20%, say officials. India allows men to bring in 20 grams of gold and women 40 grams legally. Jewellers said 720 tonnes of gold comes to India every year, of which 340 tonnes, are smuggled in.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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