Gold imports under scan as officials detect plan that could upset Indian economy

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Gold imports under scan as officials detect plan that could upset Indian economy

HYDERABAD: In a recent case detected in Hyderabad, large quantities of import of goods declared as “gold granules”, which are neither imported on a consignment basis or on credit, but purchased from abroad by making an advance payment through bank letters of credit, has posed serious questions regarding gold imports.

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Customs officials suspect that over 1,500 kg of gold are waiting to be imported into the country in this manner, which, they believe, could disturb the country’s economy on the whole.

In a increase for the Hyderabad Customs Commissionerate, which argued against import of gold granules (non-monetary) by a city-based businessman and seized 2 air shipments totaling 155 kg gold worth Rs 45.18 crore in May 2019, the high court refused clearance of the gold seized by Customs authorities and also gave a stay on the order of Customs, Excise and Service Tax Appellate Tribunal (CESTAT), which had earlier allowed such imports. Meanwhile, it has paid heed to the businessman’s appeal requesting re-export of the said gold that was imported.

The gold was seized by officials, stating that only nominated banks, notified agencies or status holders were entitled to import gold, as per RBI regulations, governed by the foreign trade policy.

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