It’s that time of year when gold smuggling is on the rise to meet the festive demand, but customs officials in Chennai are reporting a 50% decline in smuggling compared to July. Seizures have also decreased significantly compared to last year. Tightened vigilance and low-profit margins have deterred smugglers, with only 12.842 kg of gold worth 8.15 crore seized in August. The smuggling syndicate has also shifted focus to other items like electronics and cigarettes. Traders attribute the decline in smuggling to reduced profit margins and increased security measures at Chennai airport.
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