The government has asked its agencies to step up vigil on international borders to check the spurt in gold smuggling, Parliament was informed on Thursday. ‘The Department (Revenue) instructed all field formations to maintain increased vigil to curb smuggling of gold along international borders and to keep a close watch on the trends of smuggling of gold,’ Finance Minister P Chidambaram said in a written reply in the Rajya Sabha.
The value of gold seized by customs department at the international borders during the April-October period rose to Rs 50.02 crore, from Rs 15.81 crore during the corresponding period a year ago.
‘Specific modus operandi circular has also been issued alerting the field formations against smuggling of plain unbranded gold jewellery by misusing provisions of Free Trade Agreement,’ Chidambaram said. Cases of gold seizure this year include seizure of jewellery from passengers arriving from abroad and gold seized from importers for misuse of FTA provisions.
The government has changed the gold duty structure from specific rate to ad-valorem and lowered the limit allowed for passengers to import gold at concessional duties from 10 to 1 kg. RBI has advised banks not to grant advances for purchase of gold in any form.
The value of gold seized by customs department at the international borders during the April-October period rose to Rs 50.02 crore, from Rs 15.81 crore during the corresponding period a year ago.
‘Specific modus operandi circular has also been issued alerting the field formations against smuggling of plain unbranded gold jewellery by misusing provisions of Free Trade Agreement,’ Chidambaram said. Cases of gold seizure this year include seizure of jewellery from passengers arriving from abroad and gold seized from importers for misuse of FTA provisions.
The government has changed the gold duty structure from specific rate to ad-valorem and lowered the limit allowed for passengers to import gold at concessional duties from 10 to 1 kg. RBI has advised banks not to grant advances for purchase of gold in any form.