Customs seize 174 kg gold during Apr-Feb: Chidambaram
New Delhi: The government on Friday said Customs Department has seized 174.62 kg of gold worth Rs 51.03 crore during first 11 months of the current fiscal.
Customs Department at the international borders seized 160.98 kg of gold valued at Rs 34.67 crore during 2011-12, Finance Minister P Chidambaram said in a written reply to the Lok Sabha. All the Customs formations including Directorate of Revenue Intelligence (DRI) have been sensitised to prevent smuggling of gold into the country, he said. Constant surveillance is kept on seaports, airports and land customs stations, he added.
In order to curb imports of the precious metals, the government in January hiked the import duty on gold and platinum to 6 per cent from 4 per cent. He also said that RBI as a measure to bring down prices of gold, has advised banks not to grant advances for purchase of gold in any form including primary gold, gold bullion and gold coins except for genuine working capital requirements of jewellers.