International NGO IMPACT reports India as among the Largest Gold Smuggling Hubs in the World

Canadian Nongovernment organization (NGO), IMPACT, in its study, named A Golden Web: How India Became One of the World’s Largest Gold Smuggling Hubs, has mentioned that India imports gold around 1,000 tons every year, which is a quarter above the official figures shown.

Highlights from the report :
About one-third of the total world’s gold is being passed through India.

From Africa and South America, gold that is attached to corruption, human rights abuses and conflicts enter the legal international market via India as refiners and traders from Africa’s Great Lakes region having links to India were identified for being part of the illicit trade of gold.

From the United Arab Emirates (UAE) refined gold is being smuggled primarily to India.

The NGO raised three primary factors for India becoming a smuggling hub for gold: falsified origin documents, complicit allies, and tax breaks.