Four men jumped off the boat and headed for waiting Jeeps. Unfortunately for them, government sleuths were there, tax officials say, nabbing the men before they could sell the gold in the nearby city of Chennai, a trading hub for the precious metal.
The men were charged with smuggling in a case that reflects a sharp upswing in illegal gold imports being reported by officials in recent weeks. The upturn follows the government's latest effort in June to rein in a drastic slide in the rupee's value by implementing policies to discourage importing of the precious metal. The rupee has fallen more than 10% in the past couple of months to touch successive record lows, closing Thursday at 59.11 rupees to the U.S dollar.
Read more...
Join Amazon Prime - Watch Over 40,000 Movies
With BullionVault you are able to obtain physical gold and silver bars at current market exchange rates.
ReplyDeleteOpen a free account today and get 4 g's of free silver as a welcome bonus.