3,000kg of gold being smuggled in a month, admits Chidambaram

Finance minister P Chidambaram on Monday acknowledged a spurt in gold smuggling in the wake of higher duties and other curbs on the import of the yellow metal into the country. While estimating illegal shipments of up to 3,000kg in certain months — a record by all accounts — the minister justified the restrictions, citing high current account deficit (CAD) but indicated that some of the tightening may be eased in the next few months.

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