DRI seizes 194 kg of gold worth Rs 57.73 Cr in FY17-18

Press Trust of India  |  Chennai 

Gold weighing 194 kilograms worth Rs 57.53 crore has been seized in the last financial year, a (DRI) said.

A majority of the confiscated was smuggled from the neighbouring Sri Lanka, the added.

Smuggling of gold was a recurrent issue in the southern region and with vast coastal area was "prone" to it, he said.

"In the last financial year (2017-18) alone, DRI Chennai seized 194 kilograms of gold worth Rs 57.73 crore," the said.

The bulk of the gold was seized from the coastal regions, he said, adding that the "most vulnerable areas were the stretches between Tiruchendur and Rameswaram and Rameswaram and Vedaranyam".

Gold smuggling was normally carried out using country and small fishing boats, he said.

Referring to the latest recoveries made by the agency, he said the officers in three separate incidents had seized a total of 32.24 kg of gold of foreign-origin smuggled into the country by sea from

The value of gold seized was Rs 10.21 crore and six persons were arrested under the provisions of the Customs Act.

The individuals arrested have confessed that they had accepted to transport the gold that was smuggled from to Chennai for a "monetary consideration", he said.

In February, during the 28th Indo-DG Level talks at New Delhi, the issue was discussed and the administrations firmly resolved to curb smuggling of gold.

"Sri Lanka customs and Navy also increased efforts to curb smuggling of gold and other contraband," the official said.

Last month, the island nation increased the rate of import duty of gold to 15 per cent from the earlier 10 per cent with an eye on curbing smuggling of the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 03 2018. 15:45 IST