Sunday, January 28, 2018

Great incentive for people to smuggle gold into India

Estimated price of gold per kilogram in India is S$65,920 but in Singapore it is S$56,752. The difference is $9,168. No one arriving into India is allowed more than 1 kilogram of gold even if one wants to declare. Hence, it is quite profitable and challenging for people to smuggle gold into India.

In many countries like Indonesia, HK, South Korea etc the price of gold is between S$55,500 and S$56, 800 and to smuggle gold into those countries from SG VV is not worth it.

In the case of the IFM, he was to be paid $500 for bringing the slightly more than 1 kilogram of gold into Delhi was not worth it at all. His agent would have profited $8668 (9,168-500).

Please note the above quote is subjected to fluctuations.


Ling said...

In the eighties many crew smuggled gold into countries like India, Nepal, Seoul, Indonesia. Biggest ringleaders were the chiefs on the A310. Don't believe ask BT.

Anonymous said...

Ah Neh create the problem. Why impose a 10% tax on gold import? You are merely tempting people to smuggle.Bloody idiots!

Take the train said...

Don't know why crew like to do stupid things despite being well paid.EK steward no better.

Anonymous said...

Some of these gold smugglers in the eighties took a high profile and bragged a great deal about their ill-gotten gains. This came to a screeching halt when they were caught red-handed in KTM. Prison conditions for them were despicable and deplorable. Prior to her arrest, an LSS had boasted about her grand towkay neo status and was reputed for her high dollar spins at the roulette table. Her high profile came to an abrupt end in prison. Parents of these smugglers had to pay a tidy sum to have their cases brought forward. Their multiple trips to KTM came with the courtesy of their privilege and subload staff tickets. SQ mgt became very annoyed by this attitude and questioned the logic behind these perks. After all, the crew smugglers were already criminals and ought to be dealt with accordingly.

No one needs to imagine what happened to these crew in prison. SIA spring chickens are a rare breed in Nepal.

Anonymous said...

Money not enough and will never be enough.

Anonymous said...

Should note the great disincentive in 3rd world prison,unlike Sinkie standard.Fixed term and need more than thousands to have a life there,pay your way around.Phone smuggler paxs seen carrying 10 phones through doors,into the depth of the Airport.Probably fall guy and then bigger fish goes through.