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Finshots Daily
The glittering allure ― Why gold smugglers like India
Jul 10, 2024
Delving into why India is a top spot for gold smuggling due to high demand, scarce production, loopholes, corrupt officials, evading duties, illegal transactions, and law enforcement challenges.
06:50
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Quick takeaways
- India's high demand for gold surpasses local production, leading to significant smuggling opportunities.
- Smugglers exploit duty exemptions in Special Economic Zones and utilize deceptive strategies to integrate gold undetected into the legal market.
Deep dives
India's Huge Demand for Gold and Insufficient Local Production
India's deep cultural attachment to gold, showcased in events like weddings, results in an annual demand vastly exceeding local production. With an annual demand of 8 lakh kilograms and local production limited to just over 1000 kilograms from Hooty gold mines, India relies heavily on imports, creating an opportunity for gold smuggling due to import duties and foreign currency expenses.
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