A man was arrested by the law enforcement agencies at the Lal Bahadur Shastri International airport in Varanasi for hiding gold weighing more than 2-kg in his undergarment as paste, estimated to be worth Rs 1.22 crore.
customs officials at LBSI airport Pradeep Kumar Singh, intercepted Ram Chandra of Faizabad, when he landed in Varanasi on flight from Sharjah. On being frisked, foreign origin gold was recovered in the form of brown paste, which was put into plastic pouches hidden in the undergarment.
Officials said, the total gold recovered was approximately 2176.8 gram and estimated to be more than Rs 1.22 crore. Sources said, the accused smuggle gold paste as it is tough to detect and could be easily hidden.
Why gold smuggling is on rise?
India's gold policy has been a topic of debate with some critics arguing that it has led to increased smuggling of gold into the country with high tariffs on gold imports in order to reduce the country's current account deficit and control inflation.
The ever-increasing demand for gold in India is driven by weddings and festivals, and many people view it as a safe mode of investment. But high tariffs make gold more expensive than in other countries, leading to an increase in smuggling.
Besides, gold is often used as a means of storing and transferring wealth in the country.
The government has implemented strict regulations and restrictions on the sale and purchase of gold in an attempt to curb black market transactions but the increase in illegal smuggling activities remains a challenge.
(With inputs from IANS)
