India customs agents seize more than $3 million in gold at Mumbai airport as precious metal smuggling increases
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! Mumbai's Chhatrapati Shivaji Maharaj International Airport announced its biggest single-day gold bust on record last Friday. In two separate operations, customs officers seized 61 kilograms of gold valued at more than $3 million.
Smugglers have become very creative when it comes to bringing gold into India Illegally. Some have hidden gold paste in underwear and bras, wigs, strollers and wheelchairs. They have also sprinkled gold dust on various pieces of clothing. And there is also the tried-and-true method of smuggling gold up rectums.
Smuggling in India has also picked up after the government raised the import duty on gold in July to 12.5%, up from 7.5%. The Indian government targeted gold imports as a way to reduce its massive trade deficit. In August, the nation saw its trade deficit widen to a record $30 billion. In another move aimed at gold, on Tuesday the government said it was raising the base import price for gold to $570 per 10 grams, up from $531. The base import price for silver will also rise to $702 per kilo, up from $630.
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