The recent raid by the Directorate of Revenue Intelligence (DRI) and STF Punjab on a jewellery shop in Sarafan Bazaar has caused an uproar among the community. The shop's owner has been arrested for allegedly smuggling gold into India from Dubai.
A recent raid conducted by the Directorate of Revenue Intelligence (DRI) and STF Punjab on a jeweller's shop in Sarafan Bazaar has sparked outrage among the community. One of the shop's owners was arrested for allegedly smuggling gold into the country.
According to jewellers, India sees over 340 tonnes of gold smuggled into the country annually from countries like Thailand, Bangladesh, and Gulf countries, mainly due to high import duty and Integrated Goods and Service Tax (IGST) imposed by the government.
Out of the 720 tonnes of gold that come to India each year, only 380 tonnes are brought in legally by paying import duty and IGST. Jewellery Association President Anand Sekri has urged the government to consider decreasing the import duty to curb gold smuggling.
The jeweller allegedly smuggled 2 kg of gold into India from Dubai, leading to the raid, and his shop has now been sealed with an FIR lodged against him.
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