How has the July import duty cut affected gold smuggling according to CBIC Chief
CBIC Chief notes a significant reduction in gold smuggling subsequent to the import duty cut in the month of July.
- The CBIC Chief has reported a significant reduction in gold smuggling following the import duty cut in July.
- The decrease in import duty made legal gold imports more attractive and cost-effective, reducing the incentive for smuggling.
- Lowering the duty narrowed the price gap between legally imported gold and smuggled gold, making it less profitable for smugglers.
- The move has deterred illicit activities and encouraged compliance with legal import channels.
- Improved transparency in the gold market can help in curbing illegal activities and enhancing the overall integrity of the sector.
- Overall, the import duty cut has shown positive outcomes in reducing gold smuggling activities and promoting lawful trade practices.
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2 months ago