(Image source from: NRI held for smuggling gold )
A London based NRI has been arrested for smuggling gold at the Indo-Nepal border. The man named Dipak Bajaj was taken into custody at Sonauli area near Indo-Nepal border.
The man was taken into custody on Thursday night after over 4 kg gold was allegedly recovered from his possession. The gold recovered is valued to be over Rs 1.46 crore.
SSB commandant K S Bankhothi said that the NRI is based in London.
The 43-year-old man has been handed over to customs authorities for further interrogation.
According to the Gems and Jewellery Export Promotion Council (GJEPC), a Mumbai-based body of the Indian Commerce Ministry, gold smuggling has increased by almost 300% from March 2013 to April 2014.
Smuggling of gold into the country was mainly triggered by an increase in import duty on gold jewellery that was introduced last year in June last year.
Import duty on gold was increased three times by the Govertment, to rest at 15%, in order to reduce demand for the yellow metal and to rein in a current account deficit that in in 2012-13 had reached an all time high of $88bn (£53bn).
(Picture Source: kaw.stb.s-msn.com)
(AW: Pratima Tigga)
