The Directorate of Revenue Intelligence (DRI) has dismantled a gold smuggling syndicate at Mumbai's international airport, seizing 2.6 kg of gold in wax form, valued at approximately Rs 4.20 crore.
The Directorate of Revenue Intelligence (DRI) has dismantled a gold smuggling operation at Mumbai's Chhatrapati Shivaji Maharaj International Airport, arresting 24 female carriers and seizing a significant quantity of gold.
The Directorate of Revenue Intelligence (DRI) has dismantled a major gold-smuggling syndicate at Chhatrapati Shivaji Maharaj International Airport, seizing 3.2 kg of gold worth Rs 5 crore. Seven individuals, including Bangladeshi and Sri Lankan nationals and three airport staff, have been arrested in connection with "Operation Golden Nexus."
The Directorate of Revenue Intelligence (DRI) seized 29.37 kg of gold worth Rs 37.74 crore from 24 women at Mumbai's Chhatrapati Shivaji Maharaj International Airport, uncovering a significant smuggling operation.
The Customs department seized gold worth Rs 3.15 crore from two passengers at Mumbai airport, including a finance professional smuggling gold due to US-Iran conflict concerns.
Customs officials at Mumbai's Chhatrapati Shivaji Maharaj International Airport seized electronic items, cosmetics, cigarettes, and crude gold worth over Rs 1.79 crore from passengers arriving from Dubai, leading to one arrest.
The gems and jewellery industry anticipates challenging times following the government's decision to increase gold import duty to 15 per cent, a move that exporters warn could fuel the grey market and heighten smuggling risks.
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
The Central Bureau of Investigation (CBI) has registered a case against smugglers bringing gold into India from abroad through various airports. The investigation follows the recent arrest of Kannada actor Ranya Rao at Bengaluru airport with 14.2 kg of gold worth Rs 12.56 crore. Two CBI teams have been deployed to Mumbai and Bengaluru airports to gather information.
The Mumbai Customs department seized narcotics, foreign currency, gold, and precious stones worth over Rs 46 crore at the Mumbai international airport in a week.
Kannada actress Ranya Rao's stepfather, Director General of Police Ramchandra Rao, has been sent on compulsory leave.
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Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi since late last year after working as the Afghan Consul General in Mumbai for over two years.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
At a time when none in Kerala's Left politics questioned the chief minister's authority, MLA P V Anvar hurled a series of accusations against Pinarayi Vijayan's government, notes Shyam G Menon.
Unnecessary victimisation may "reflect in the bilateral relations", the Bombay high court said on Thursday while ordering the authorities to issue exit permit to a Chinese woman who was acquitted in a gold smuggling case yet could not leave India.
The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported. This is the first such appointment made by the Taliban set up to any Afghan mission in India. The appointment, announced by the Ministry of Foreign Affairs of Afghanistan, is seen as an effort to strengthen diplomatic ties with India and enhance its presence abroad. Kamil, who holds a PhD degree in international law, is expected to facilitate consular services and represent the interests of Afghanistan in India.
Sukanya Verma looks at Bollywood's best-known diamond robberies in film.
The government hiked import duty on gold to 10 per cent and the RBI also imposed curbs on its imports by linking it with exports.
Thankam delivers an engaging drama that fans of good crime-solving tales will enjoy, recommends Mayur Sanap.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
Customs officials are busy at ports and airports, scanning passengers to ensure that COVID-19 virus-affected people are traced. So, officials are not able to focus much on baggage checking. This could lead to more gold getting smuggled into the country as luggage check at airports is now random unlike earlier where every bag was checked thoroughly.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
Bambai Meri Jaan features horrific massacres and violence so brutal that it ought not to be seen on a home entertainment platform, warns Deepa Gahlot..
March was the worst month for gold imports because of a strike by jewellers over the imposition of an excise duty.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
The government has retained 10% duty on import of the yellow metal.
'The entire idea behind the serial bomb blasts was to strike fear in the minds of Indians.' 'I don't think the blasts were targeted to derail the Indian economy; the idea behind the blasts was retribution.'
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
The commerce ministry has called a meeting on Monday to discuss tighter norms amid reports of increased round-tripping of gold
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
In Kerala, the use of black ranges from such convenience to strictures by community and religion to fashion and personal choice. One would have to be really insecure or too fond of the well settled life to see black solely as a badge of protest, points out Shyam G Menon.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
