“Officials and industry insiders attribute this spike to a ‘high’ import duty of 10 per cent from 2013, a booming demand pegged by the World Gold Council at around 840 tonnes in 2014 – 191.7 tonnes in the first quarter of fiscal 2015 alone, up 15 per cent from the same period last year — and a low prosecution rate of those caught smuggling gold. At a time when the NDA government announced a monetisation scheme in this Budget to unlock the value of a part of the 22,000 tonnes of gold (US$1trn) in private hands, a big chunk lies with its own Customs departments – over 2,000 kg seized over the past 10 years.”
Related posts:
Privacy debate looms as Canada prepares to share bank data with U.S.
Companies turning again to stock buybacks to reward shareholders
Where the votes stand on Syria
Bitcoin exchanges shut shop in India
NYPD urging people to upgrade Apple devices to iOS7 because it is 'safer'
Stratfor emails reveal secret, widespread TrapWire surveillance system
Welcome to the 'Glock Block': Oregonians are no longer calling the police, arm themselves instead
Johns Hopkins researchers reverse Down syndrome in mice
Global mercury ban would not affect vaccines with thimerosal
Lawmakers travel the world on lobbyists’ dime
SWAT teams claim they’re private and immune from open records
Spain: Unemployment For Under 25s Over 55%
Protesters block another Google bus, plan march against evictions
Tax-free zones created around 8 NY colleges under Start-Up NY
Police: 13-year-old took $25K, passed out $100 bills to classmates