Given the spate of smuggling, passengers flying into India would have to declare gold jewellery and bullion brought into the country to customs officials at the airports, in new rules defined by the Finance Ministry.
India Bullion and Jewellers Association and other associations urges Govt for gold policy development for better future
The India Bullion and Jewellers Association (IBJA) have been conducting regular meets to discuss the issues that have been affecting the gems and jewellery business.
Gold melted into seed-shaped chips and hidden in dates coming from Dubai, bars broken into granules and mixed with other metals to make it look like ore,
According to estimates by the global precious metals consultancy GFMS, 150 to 200 tonnes were smuggled in 2013 from Dubai, Singapore and land routes of Bangladesh, Pakistan and Nepal. The agency estimated 112 tonnes had been smuggled in 2012.