The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s second-biggest consumer. “Whatever is being smuggled is coming from land borders with Nepal, Pakistan, Bangladesh and Sri Lanka and not much from airports." That’s pushed the monthly average of smuggled gold caught at Indian airports to a six-year low of 20.6 kilograms in the year started April, according to Bloomberg calculations based on finance ministry data. Removal of the import duty on gold by Sri Lanka this month may also increase smuggling into India, Padmanaban said. “A 45-minute boat ride from Sri Lanka can get you to India’s southern tip," Padmanaban said.

Source: Mint September 21, 2020 00:11 UTC