NEW DELHI: Gold smugglers taking gold to India from GCC countries have found a new way to ‘legalise’ the act. Gold bars and ornaments from the region fetch a good price in India for its purity.
And carriers if caught by Indian customs officials for having more than the permissible limit simply pay the duty to avoid any charges of smuggling thus eliminating the ‘illegal element’. Insiders say that such carriers take utmost care to conceal the gold which is above the limit. If caught by customs officials they pay the duty and later sell the gold in the open market for a commission which is decided as per the quantity.
‘Someone I know dedicates his stay in a GCC country to carry gold to India. He makes a living out of it. To evade checks he keeps changing the airport for disembarkation. If intercepted he pays the tax to avoid legal action’ said CS a Muscat resident (full name withheld on request). It’s not just men. Women legally allowed by the Indian government a higher gold limit too are in the game.
‘They prefer carrying ornaments and hide any excess with other accessories’ according to a jewellery shop worker in Ruwi. Indian men are allowed to carry gold worth R50000 (approx RO294) while the limit for women is R100000 (approx RO598).
Insiders say that some jewellers too are involved. They pay carriers to transport gold from their Oman outlet to their India store. The carrier is paid at least R25000 (approx RO147) for seven sovereigns gold (approx 51gm). The commission is higher if more gold is purchased and sold said an insider in gold trade.The main destination for the smuggled gold is Kerala.
In the last financial year Indian customs officials confiscated 250.88kg of gold at airports and arrested 104 people according to details revealed to the media by Kochi airport customs officials recently.
