15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.
Instead of hiking duties, he plans to introduce inflation-indexed instruments to help curb a record current account deficit.
With gold smuggling rising, jewellers have to be sure of the source of the gold being exchanged.
Official imports into India shrank almost 90 per cent in the six months to November
The British Broadcasting Corporation alleged that the UN had covered up claims that its troops in Congo had indulged in these activities, claiming it had new eye-witness accounts to refute UN claims that no weapon transfers had taken place. The report came against the backdrop of India having its biggest-ever peacekeeping contingent in the troubled African country.
The Kerala government on Friday decided to recommend a judicial inquiry against central probe agencies, including the Enforcement Directorate, which are investigating the gold and dollar smuggling cases.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
Breaking his silence over the matter, Vijayan on Tuesday sounded tough and said a high-level probe by a top-ranking officer would be held into the charges raised by the MLA.
The rise in illegal imports of the yellow metal has caught the eye of the finance ministry.
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The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday.
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.
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.
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.
The Kerala high court on Tuesday granted bail to Swapna Suresh in the Unlawful Activities (Prevention) Act case registered by the National Investigation Agency in connection with the sensational gold smuggling through diplomatic channel.
The senior Congress leader was in New Delhi to campaign in Maharashtra Assembly polls.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
After a marathon discussion lasting nine hours, the motion was defeated with 87 members opposing it and 40 supporting in the 140-member house with two vacancies.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
India imported 769 tonnes of gold in 2014, down from 825 tonnes in 2013.
For Pinarayi, a victory in Thrikkakara would have come as public endorsement of his development initiatives, including controversial K-Rail project, which has witnessed widespread protest
Minutes after she concluded her press conference, she told a TV channel that her colleague Sarith PS, who also worked with her at HRDS India, had been kidnapped in broad daylight from her home by 3 or 4 unknown people.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
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.
Suresh and Sarith had moved a joint plea seeking protection from arrest in the case lodged by the police on the complaint of a ruling Left Democratic Front MLA's complaint alleging conspiracy behind her revelations against him, the chief minister and his family.
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.
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CAD touched a historic high of $88 billion in 2012-13.
Gold import this financial year is estimated at 945 tonnes.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
The consent is akin to a blanket nod for the agency to probe scheduled offences specified in the Delhi Special Police Establishment Act (DPSE) Act, 1946.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
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Gold prices have eased off in recent months after the formation of a new government bringing in positive sentiment back to the stock market.
One of the lawyers representing the two Youth Congress workers confirmed that the court of judicial first class magistrate in Thiruvananthapuram directed the Valiyathura police to register an FIR.
Prime Minister Narendra Modi on Tuesday targeted Kerala's ruling Left Democratic Front over the gold smuggling scam, saying the Communist Party of India-Marxist-led government "betrayed" the people of the state just as Judas did to Lord Jesus for a few pieces of silver.
With import duty on gold raised to 8 per cent, smugglers are back at work.
The government is doubling down on existing 'temporary' restrictions on the import of gold. Some were introduced under the last administration, and had a transitory effect, reducing gold imports through the official channel.
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