- Peak Smuggling: Indian Has 12 Gold Bars Removed From His Stomach (ZeroHedge, April 20, 2014):
While US central bankers seem to believe that you can eat iPads, it seems one Indian fellow has taken the ongoing restrictions on gold imports, owning, or transacting in India to a whole new level. As we have noted previously – have led to an epidemic of smuggling as Indians continue to horde the precious metal (the only true source of financial security in their view) by any means possible. As The BBC reports, 12 bars of gold have been removed from the stomach of a 63-year-old businessman in the Indian capital Delhi. The surgeon said he had never seen a “case like this before,” and customs officials were called and confiscated the gold – where whistleblowers for gold smuggling are rewarded more richly than for cocaine and heroine smuggling.
As The BBC reports, and as we have noted before, India, the world’s largest consumer of gold, has seen a record rise in smuggling after a rise in duty on imports of metal to curb the current account deficit.
Last year India’s government hiked the import duty on gold three times to curb demand for the precious metal. Gold imports, which had peaked at 162,000kg in May 2013, came down to 19,300kg in November after the hike.
But this takes the proverbial biscuit… Continue reading »