Import Duty Cut Results In Easing Gold Smuggling

New Delhi: Gold smuggling has reduced significantly since July 2024 when the government slashed import duty on the precious metal to six per cent, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said.

As per the latest available data, Customs and DRI officers seized 847 kg of gold worth Rs544 crore at various airports in the April-June period of the current fiscal. In July, the government reduced customs duty on gold to 6 per cent from 15 per cent.

“After the rate of duty was reduced on gold in the last year’s budget, there is a significant reduction in the smuggling of gold,” Agarwal told in an interview.