ILLEGAL GOLD
Gold on track for first weekly dip in three as rate-cut bets dwindle
Gold rose on Friday but was set for its first weekly drop in three weeks, as investors lowered expectations of a U.S. interest rate cut after the Federal Reserve's latest meeting indicated a delay in monetary policy easing.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
Mumbai customs seize diamonds, gold hidden in noodles, body parts
Customs at Mumbai airport seize diamonds and gold worth Rs 6.46 crore, concealed ingeniously in passengers' belongings. Four individuals arrested after officials intercept 6.815 kg gold and Rs 2.02 crore worth of diamonds. Smuggling methods varied: diamonds hidden in noodles, gold in body parts. In a separate incident, Bengaluru Customs detain passenger for attempting to smuggle 10 yellow anacondas from Bangkok, emphasizing zero tolerance for wildlife trafficking.
Gold’s Own Country: A lucrative trade fueled by rival gangs and high demand
In the world of gold smuggling in Kerala, intricate schemes unfold, often involving carriers from the UAE, rival gangs, and strategic maneuvers to avoid detection. This illicit trade, deeply rooted in gang rivalry and hawala transactions, thrives alongside Kerala's enduring love for gold. Despite Customs crackdowns and high import duties, smuggling persists, driven by the state's insatiable appetite for the yellow metal. The lure of profit continues to outweigh the risks, ensuring that the clandestine trade in Kerala's gold remains a lucrative enterprise.
Does gold give you only mental comfort or good returns as well?
Gold earns nothing and suffers the commodity cycle that tosses its prices up and down. The appreciation just about matches inflation rates over time. One could argue with data, but no one might care. The nominal value of the commodity is what many like to look at.
Ahead of Budget, Commerce ministry backs import tax cuts on gold bars
The commerce ministry's support for lowering the tariffs comes ahead of the Interim Budget due next week. If a reduction in the taxes is accepted, Finance Minister Nirmala Sitharaman could announce the decision in her interim budget on February 1.
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Bengaluru couple caught smuggling Rs 1.9 crore gold paste using their children; Bizarre details inside
Bengaluru authorities remain vigilant, thwarting attempts to smuggle gold through innovative means. The use of family members, especially children, in such illegal activities is a growing concern, prompting increased scrutiny and security measures at the airport.
Govt plans to end Free Movement Regime with Myanmar to check influx of illegal migrants, insurgents
Under the FMR, every member of the hill tribes, who is either a citizen of India or a citizen of Myanmar and who is resident of any area within 16 km on either side of border can cross over on production of a border pass with one year validity and can stay up to two weeks per visit.
Jewellery trade moves to expose shell companies, curb illegal fund flows
The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council, which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.
Govt bans Mahadev, 21 illegal betting apps; cyberattacks against India spike
Controversial betting app Mahadev is among 22 illegal betting apps that the government ordered to be blocked on Sunday, following an investigation and raids by the Enforcement Directorate (ED). This and more in today’s ETtech Morning Dispatch.
Ahead of Assembly elections in Rajasthan, Rs 244 crore cash seized in last 15 days
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023. Chief Electoral Officer Praveen Gupta said that since June, the election commission has been working in direct coordination with all the enforcement agencies, and cash and other material worth Rs 648 crore have been seized since then.
Spain seizes ancient gold jewellery stolen from Ukraine
Spanish police have seized gold artefacts worth over €60 million ($64 million) that were stolen from Ukraine and illegally taken out of the country. The 11 pieces, including necklaces, bracelets, and earrings, were smuggled out of Ukraine before 2016 and were going to be sold in Madrid. Three Spanish and two Ukrainian nationals, including an Orthodox Church priest, were arrested in connection with the operation. The artefacts, which date back to the 8th and 4th centuries BC, had forged documents to make it appear as if they belonged to the Ukrainian Orthodox Church.
How Himachal plans to turn a grass into gold
Himachal is considering legalizing cannabis cultivation for medical and industrial purposes. Cannabis has been cultivated illegally in remote regions of the state for decades, with the allure of premium-quality charas providing a lucrative incentive for farmers. Legalization is seen as a potential game-changer for the state's economy, generating revenue and creating employment opportunities.
Gold smugglers target hapless Telangana labourers in Gulf
Since the outbreak of the COVID-19 pandemic, numerous individuals from rural areas of Telangana have ventured to Gulf countries in search of employment opportunities. Unfortunately, many of them have encountered the harsh reality of unemployment, struggling to make ends meet far away from home. It is this dire situation that smugglers are exploiting.
Gold dealers' disquiet over imports from Africa
Indian bullion dealers and jewellers have warned the government that certain refineries in the country are importing dore gold, free of customs duty, from least developed African countries. While there is no evidence that this gold is conflict gold, the imports could disrupt the market where other refineries are adhering to international guidelines on responsible sourcing.
Guv appointing VCs in state-run varsities not illegal: Calcutta HC
A bench, headed by Chief Justice TS Sivagnanam, ordered the state government to immediately resume the payment of salaries of the VCs and other dues, which were reportedly stopped recently by the state government. The development comes amid the ongoing tussle between the Governor and the state government over the appointment of VCs on a temporary basis.
Special report: How torture, inaction underpin UAE's thriving sex trafficking industry
This story is based on interviews with 25 African women, mostly from Nigeria, who described being lured to the UAE by Gold or other alleged traffickers, as well as dozens of interviews with humanitarian workers, investigators, Nigerian government officials and others with knowledge of sex trafficking in the Emirates. Their accounts are corroborated by court records and case files from Nigeria's anti-human trafficking agency.
All that glitters is not good gold: Inside India's yellow metal smuggling scene
Gold gets smuggled into the country in a hundred ways. A carrier can hide it in their body, stitch it inside their clothing, conceal it in their shoes, jackets or special belts, or simply carry it in their pockets.
Alphanumeric hallmarking to curb smuggled gold trading
Jewellers said smuggled gold will no longer be used for jewellery because of HUID, which helps trace the jewellery. No invoice is issued against smuggled gold and therefore any jeweller using smuggled gold will get caught if the source of gold is not mentioned in the new system, they said.
What changes for gold and silver investors after the Budget hiked import duty on precious metals
Gold is highly taxed in India. Being the second largest imported commodity, the metal heavily increases our import bill. This causes a widening of our Current Account Deficit as well. To tackle the deficit, the government has increased the basic customs duty on gold over years to manage the flow of imports
India plans to cut gold import duty to arrest smuggling
India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators.
Go after big fish in drug trafficking cases: Nirmala Sitharaman to DRI officers
Finance Minister Nirmala Sitharaman was addressing the 65th foundation day of the Directorate of Revenue Intelligence (DRI), which is primarily involved in busting of illegal trade of narcotic drugs and psychotropic substances, gold, diamond counterfeit currency notes and other goods into the country, besides taking punitive action against the offenders.
Cartel of politicians, bureaucrats extorting illegal levy on coal transport in Chhattisgarh: Enforcement Directorate
The federal probe agency arrested IAS officer Sameer Vishnoi and two others on Thursday after conducting multiple raids in the central Indian state early this week. A court in state capital Raipur sent them to ED custody till October 21. The ED said Vishnoi, an IAS officer of the 2009 batch, and his wife were found in possession of Rs 47 lakh of "unaccounted" cash and 4 kg gold jewellery.
I'm not who you think I am: Four-time Olympic champion Mo Farah says he was taken to UK using another child's name
Farah said he thought he was going to Europe to live with relatives and recalled going through a British passport check under the guise of Mohamed at the age of nine after traveling with a woman he didn't previously know.
Assam police: Fundamentalist organisations including ISI involved in illegal cattle trade
Two cattle smugglers with links to terror money were killed in an ambush by suspected terrorists in the wee hours on Tuesday in Kokhrajhar's Gossaigoan subdivision.
Gold hubs including UAE pledge support for crackdown on illegal trade
The London Bullion Market Association (LBMA) said on Friday authorities in the eleven hubs had responded positively to a letter it sent last month laying out regulatory standards.
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