DRI seizes 23.34 kg Smuggled Foreign Gold worth Rs. 14.43 Crore in Chennai
DRI – Smuggled Foreign Gold – DRI seizes Smuggled Foreign Gold in Chennai – Foreign Gold – taxscan
DRI – Smuggled Foreign Gold – DRI seizes Smuggled Foreign Gold in Chennai – Foreign Gold – taxscan
The Directorate of Revenue Intelligence (DRI), in two separate operations conducted this week, seized 23.34 kg smuggled foreign gold valued at Rs. 14.43 crore through Chennai International Airport and foiled an attempt to smuggle foreign gold into the country.
The impact of gold smuggling on the economy can be significant. Smuggling can lead to a loss of revenue for the government, as taxes and duties are not paid on smuggled gold.
Gold smuggling can have a ripple effect on the economy, as the lost revenue can lead to a reduction in government spending on important programs and services. Smuggling can also distort the market for gold, leading to higher prices for consumers and a loss of competitiveness for legitimate businesses. Additionally, the illegal nature of smuggling can encourage criminal activity and undermine the rule of law.
The operation was conducted on 8 May 2023, the DRI officers developed intelligence that a passenger, who arrived at Chennai international airport from Dubai through Colombo, was carrying huge quantities of foreign-origin smuggled gold and was on his way to his residence in Chennai.
Accordingly, he was intercepted while he was getting down from an auto rickshaw near his residence. Examination of the person led to the recovery of gold in paste form concealed in various knee caps worn by him and in specially made pouches in his pants. After extraction, 13.28 kg of gold totally valued at 8.28 crore was recovered and seized, as per the Press Release by the Ministry of Finance.
In another operation conducted on 11 May 2023, the DRI officers intercepted a Sri Lankan National arriving from Colombo at Chennai international Airport. On examination of the hand baggage of the passenger, gold in paste form was found concealed inside 8 chocolate packets. Melting of the paste resulted in the recovery of gold weighing 10.06 kg valued at Rs 6.15 crore.
Both the persons have been arrested and remanded to judicial custody.
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