Gold worth Rs 10 cr seized

Hike in import duty and fluctuation in global prices has made Chennai the new hub for gold smugglers with Directorate of Revenue Intelligence (DRI) Officials seizing 25 kg of yellow metal valued at Rs 10 crore at city airport on Tuesday. They made the seizure from the cargo of a private airliner where it was concealed inside cellphones that were packed inside many boxes.

Sources said the contraband arrived from Hong Kong.

In a bid to discourage gold imports, one of the major reasons for high current account deficit, the Centre had recently hiked the customs duty to 10 per cent, while on jewellery it has been increased to 15 per cent. More than 200 people were arrested in gold smuggling cases in the year 2013, and 145 cases had been registered as opposed to 75 cases in 2012.