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With Cash Back in Banks, Gold Smuggling Cases on the Rise at Airports
November 09, 2017
Although the people were divided on the government’s decision to ban Rs. 500 and Rs. 1000 currency notes on November 8, 2016, one thing that’s been observed is the rise of gold smuggling cases.
According to a report released by a leading media agency, about 260 gold smuggling cases were reported at the India’s second largest Chhatrapati Shivaji International Airport, Mumbai during January-May 2017 which is double of the same period a year ago.
A source said that gold smuggling took a hit because of demonetization as the cash was taken out of the system. However, now the liquidity is high once again, gold smuggling has become rampant.