Enforcement Directorate seizes gold bars, jewellery, silver, foreign and Indian currencies under FEMA

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National News

Feb 17, 2020

5:10PM

Enforcement Directorate seizes gold bars, jewellery, silver, foreign and Indian currencies under FEMA

@dir_ed

Enforcement Directorate has seized gold bars and jewellery weighing 26.97 kilograms, silver weighing 12.22 kilograms, foreign currency and Indian currency worth 3.75 crore rupees from Jaipur, Kolkata and Chennai under Foreign Exchange Management Act.

The ED had received reliable input that some jewellers of Jaipur are purchasing smuggled gold bars. Gold bars were mainly coming to Jaipur via Kolkata and having highest purity.

Search operation was carried out under the provisions of Foreign Exchange Management Act at various premises in Jaipur, Kolkata and Chennai which resulted into the seizure.

This search operation revealed widespread smuggling of gold, remittance through Hawala channel and huge evasion of customs duty, GST, and Income Tax.