MUMBAI: Even as several Mumbaikars continue in their mad scramble for exchanging old Rs 500 and Rs 1,000 currency notes – both legally and illegally – a quick thinking businessman’s hasty efforts to legitimise his gold purchase (made within days after the demonetisation move) by smuggling it out of the country, has landed him in the Mumbai airport customs’ net.
Surat-based businessman Pranav Shashikant Chauhan was intercepted by the Air Intelligence Unit of Mumbai Customs at the Mumbai international airport before he could board a flight to Canada via Dubai with gold weighing 2.5 kg – a 1-kg gold bar and 15 bars weighing 100 grams each – and valued at Rs 65.76 lakh.
“The accused had undeclared money which was part of the proceeds from a land deal which he used to purchase the gold. We suspect he was trying to sell the gold either at Dubai or at Toronto in Canada, so that he could get cash in foreign currency,” said Deputy Commissioner of Customs Pradnyasheel Jumle.
AIU sources said this was turning into a common modus-operandi to turn black money into white, and that they were keeping a close eye on those flying out of the city.
While usually there are only incidences of gold being smuggled into the country, customs officers feel that demonetisation has forced people to find alternative avenues to park their black money.
“The after-effects of demonetisation are setting new trends in money laundering and smuggling activities,” acustoms officer said.
Meanwhile, since November 8 – when Prime Minister Narendra Modi announced demonetisation decision – the price of gold in the grey market had almost doubled.
“Ten grams of gold is sold in the grey market at almost double the market rate. It has touched Rs 60,000 per 10 grams as certain jewellers are still accepting the old notes of Rs 500 and Rs 1,000 denominations,” an officer informed.
Officials disclosed that people hoarding black money in scrapped currency are converting it by purchasing gold at premium rates from unscrupulous sources.
