The recent arrest at Delhi airport has reignited discussions on gold smuggling, once considered passe after the abolition of the Gold (Control) Act in 1990. India’s complex history with gold, marked by legislative restrictions and subsequent liberalization, underscores its intrinsic significance in the national psyche. Despite efforts to regulate gold ownership, smuggling has persisted, fueled by rising import duties and lucrative arbitrage opportunities. The current tax regime, with import duties reaching 15%, has bolstered sophisticated smuggling syndicates, posing challenges to enforcement agencies.
The Revival of Gold Smuggling in India: A Historical Perspective and Contemporary Challenges
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