INSUBCONTINENT EXCLUSIVE:
MUMBAI: The Directorate of Revenue Intelligence (DRI) appears to have cracked the method certain resident Indians have employed to allegedly
smuggle gold into the country, evading the 10per cent customs duty in the bargain.
The modus operandi is for the relevant entities carrying
undeclared forex to book domestic flights plying from T-1 terminal around the same time international flights to Dubai and Thailand depart
They then stash the foreign currency and hand it over to those taking international flights inside the airport
travellers cheques.
DRI sources believe this could be the route through which significant tranches of unofficial gold have entered the
country since 2013, when gold duty was raised to 10per cent from 1per cent to rein in the current account deficit and arrest the slide in
the rupee.
The huge, undeclared currency is allegedly used to buy jewellery overseas and bring it back in person by the same or unrelated
The jewellery is sold domestically, melted into gold and sold at a small discount to the bank rate
Trade estimates gold smuggling at 150-200 tonnes annually against 500-600 tonnes imported officially.
DRI is investigating how these people
procured the forex, according to senior officials
Trade sources believe that havala operators open several shell companies which procure forex through authorised dealers for business
an AI flight to Bangkok with around $100,000 each
The unit believes that the currency was intended for gold purchase.
