Dubai: There has been an increase in arrests this year of passengers from Dubai smuggling gold into India as airport customs officials clamp down hard on the practice, media reports in India show.
Incidents of smuggling gold on Dubai-India flights have been rising as India continues to enforce a record high 10 per cent import duty on gold as part of measures to offset a weakening rupee.
Traders say Dubai is possibly the world’s cheapest place to buy gold as there is no tax on the precious metal and “making charges” on jewellery are low. The arrangement makes it very profitable for smugglers to buy gold in Dubai and sell it in India at a handsome premium — if they don’t get caught.
Just last week it was revealed in the Indian Express that some employees at Kochi airport in India were allegedly working with passengers from Dubai trained as carriers of gold. Over the past few months, authorities have so far amassed evidence of 1.8 tonnes of gold collectively smuggled through the couriers, the report added.
Read news in full18/07/15 Faisal Masudi/Gulf News
Incidents of smuggling gold on Dubai-India flights have been rising as India continues to enforce a record high 10 per cent import duty on gold as part of measures to offset a weakening rupee.
Traders say Dubai is possibly the world’s cheapest place to buy gold as there is no tax on the precious metal and “making charges” on jewellery are low. The arrangement makes it very profitable for smugglers to buy gold in Dubai and sell it in India at a handsome premium — if they don’t get caught.
Just last week it was revealed in the Indian Express that some employees at Kochi airport in India were allegedly working with passengers from Dubai trained as carriers of gold. Over the past few months, authorities have so far amassed evidence of 1.8 tonnes of gold collectively smuggled through the couriers, the report added.
Read news in full18/07/15 Faisal Masudi/Gulf News
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