Gold smuggling seems to have its own cycle, says Sitharaman
Union finance minister Nirmala Sitharaman on Monday said smuggling of gold “seems to have its own cycle” irrespective of high or low customs duty while releasing the latest report on smuggling that showed Myanmar becoming the main transit corridor and China as the origin country for gold smuggling. Can we do lot more data-based, artificial intelligence-based, better mapping of… cycle of gold smuggling into India,” she said at the 65th Founding Day celebrations of the Directorate of Revenue Intelligence. Increased surveillance at the international airports has changed the gold smuggling trends in India, with Myanmar becoming the main transit corridor and China, the origin country, the report said. “The geostrategic location and the presence of China and other Southeast Asian countries on either side has been crucial in effectively transforming Myanmar as the transit corridor for smuggling of gold into India,” the report said, while adding that probe in its cases has revealed that Myanmar has now emerged as one of the major transit points of gold being smuggling into India.
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