One Has To Wonder. What Has Someone Got To Be Thinking When They Try To Smuggle Gold.
A passenger arriving from Dubai at Kannur Airport in Kerala, India was stopped. He tried avoiding paying an 18% tax on his gold bars. How? He smuggled them on an airplane in his rectum. Approximately, 2lbs worth of gold. Confiscated by Air Officials.
How Did He Get Caught You Ask?
Simple. He was spotted with an unusual walk. I’m guessing that’s one with his cheeks tucked in. Trying to stand very straight. And walk very carefully.
Apparently, another passenger on the same flight was stopped as well. He was trying to smuggle in 3.2lbs of gold into India. However, it is unknown how he was spotted to be transporting gold.
That may leave one to wonder – is it gold or is this fool’s gold!?
Why All the Smuggling?
India is BIG into Gold. There are Historical backings. As well as Religious & Cultural Significance, etc. But, India has policies dating back to the 1960’s. Which have created a monster: Gold Smuggling.
In 1962, the Gold (Control) Act was introduced by Morarji Desai. Who was Union Finance Minister at the time. Desai recalled all gold loans extended by banks. Furthermore, banning all forward trading in this precious metal. But another blow was about to happen. An amendment was filed the next year. Production of jewelry above 14 Karat fineness was now banned.
Biggest Gold Blow
Then, in 1968 came the biggest blow to the Indian gold consumer. Yet another amendment! This one banned everyone from owning gold bars and coins. Including licensed dealers. No one could own more than 2kg of gold.
Thus, a majority of gold trade in India was done on the Black Market. Hence also, why there is MORE gold under 14K displayed and jewelry created now.
Don’t Smuggle Gold. Buy Gold From Vermillion Enterprises.
Check out our YouTube Video on How To Properly Store Gold & Silver. This includes – Do Not Attempt To Smuggle in Your B….
0 Comments