A well-oiled nexus of carriers, receivers, airline & airport personnel keeps the racket running. As import duties & gold prices increase, the smuggling market becomes more lucrative. Read ThePrint investigation.
32 gold bars & Rs 196.57 cr cash were seized from Peeyush Jain's premises in 2021. In 2022, after Modi linked him to SP, the party called Jain a 'BJP businessman' mistakenly raided.
Finance Secretary A.B. Pandey says the cut on customs duty shrinks the price difference of gold in the international and the domestic market, and helps enforce a simple and compliant regime.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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