Srinagar: CNI : The imported printed gold coins, weighing 8 grams and having a purity of 22 karats, are over priced at Rs. 64,000/- only in Kashmir.
However, the actual gold value in these 8-gram coins is for only Rs. 54,200/- based on the calculation that 22 karat gold (purity of 916) at the current rate of Rs. 7,400 per gram results in:
8gms x 0.916 x 7400 = 54,200
As per News Agency Current News of India(CNI) The Indian-made gold coin, with the same weight and purity, but different print (which is inconsequential), is priced at Rs. 54,200/-. Since it is the gold being sold and purchased, why are smugglers gaining an advantage?
The difference in the rate between Indian-made and imported gold coins is Rs. 10,000/- (Rs. 64,200/- – Rs. 54,200/-).
If we do a simple calculation, assuming 10 smuggled gold coins are sold daily at each shop and there are approximately 1,000 gold shops in Kashmir Valley, this amounts to around Rs. 10 crores of difference per day. When calculating the trade of 1,000 coins per day, the Indian-made coins would total Rs. 54 crores, whereas the smuggled imported coins would total Rs. 64 crores.
It is particularly troubling that gold smugglers are claiming the imported gold coin to be purer than the Indian-made one.
It is believed that these gold smugglers, who have illegally amassed wealth, need to prove their source of funds. Money laundering, hawala and terror fund managers, along with tax evaders, are undermining the trade and society, posing a threat to national security. This issue needs to be thoroughly investigated immediately, with action taken against the culprits. (CNI)