Smugglers moving gold like narcotics
- 15 security personnel killed as Naxals attack CRPF convoy in Chhattisgarh
- Missing Malaysia airline: Man travelling on stolen passport identified as Iranian
- Bhagwat cautions RSS cadres against crossing limits for BJP
- Narendra Modi's new found love for Bihar a ploy to win votes: Nitish Kumar
- Dalit teen canât pay to cheat in exam, immolates himself
Indian gold smugglers are adopting the methods of drug couriers to sidestep a government crackdown on imports of the precious metal, stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security.
Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, dealers and individual customers are fanning out across Asia to buy gold and sneak it back into the country.
Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travellers from Dubai, the traditional source of smuggled gold.
In a sign of the times, whistleblowers who help bust illegal gold shipments can get a bigger reward in India than those who help catch cocaine and heroin smugglers.
"Gold and narcotics operate as two different syndicates but gold smuggling has become more profitable and fashionable," said Kiran Kumar Karlapu, an official at Mumbai's Air Intelligence Unit.
"There has been a several-fold increase in gold smuggling this year after restrictions from the government, which has left narcotics behind."
From travellers laden head-to-toe in jewellery to passengers who conceal carbon-wrapped gold pieces in their bodies - in the mistaken belief that metal detectors will not be set off - Indians are smuggling in more bullion than ever, government officials say, driven by the country's insatiable demand for the metal.
That suggests official data showing a sharp fall in gold buying, which has helped narrow India's current account gap, may significantly underestimate the real level of gold flows.
The World Gold Council estimates that 150 to 200 tonne of smuggled gold will enter India in 2013, on top of the 900 tonne of official demand.
Between April to September alone, India's customs officials seized nearly double the amount of smuggled gold it nabbed in all of 2012.
- Eight held for ‘attacking’ Dalit wedding procession in Sabarkantha
- 90 airports on alert to check movement of cash ahead of elections
- Notices to 23 hospitals for withdrawing facility
- Sindhis threaten to move HC if Sindhu Sagar not cleaned
- In Mumbai, teacher’s love story with student ends in her arrest
- Govt dismisses AAP allegations
- AAP workers stage protest outside Kejriwal’s residence over ticket distribution
- BJP boycotts NDTV over news gaffe | The Indian Express
- Out of the promised 50,000 homes for the poor, not even 50 constructed in Gujarat by BJP: Kejriwal
- Kejriwal Gujarat tour: The unfamiliar politician | The Indian Express