New Airport rules to halt gold smuggling into India.
Victoria Hewitt-Marsh, News Editor
21 Feb 2014, 11:10 a.m.
To stop the current spate of gold smuggling into India, the finance ministry is suggesting all gold jewellery and bullion brought into the country via India’s 19 international airports will have to be declared to custom officials.
The objective of the rule is to help officials check customs duty fraud and record all the gold bullion and jewellery imported into India.
The Indian government has also recently increased the import tariff on gold and silver to $421 per 10 grams from $404, and $663 per kilogram from $635 respectively. The finance ministry plans to introduce the rules by the end of next month.