SME Times News Bureau | 10 Oct, 2015
Smuggling of gold into India is a challenge for the customs department
and the menace has to be handled at a policy level, Central Board of
Excise and Customs chairman Najib Shah said on Friday.
"Till such
time the local demand is not met and there is a duty on it, there is
profit involved in the smuggling of gold. Gold smuggling is a challenge.
It has to be met at a policy level," he said, while speaking to
reporters after the conclusion of the 11th Asia Europe Meeting (ASEM) of
the Directors General/Commissioners of Customs held here.
Shah
also said that a combination of the 10 percent import duty on gold and
India's insatiable fascination for the precious yellow metal was one of
the reasons why it figures on smugglers' list of contraband.
"As
you are aware there is a 10 percent duty on the import of gold. You are
also aware that we have an insatiable liking for gold. The demand for
gold has always been high," he said.
