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Kannada actress Ranya Rao was arrested at Kempegowda International Airport with gold bars worth Rs 12.56 crore. Let’s understand why Dubai is an attractive destination for buying gold
Currently, 10 grams of 24-carat gold in Dubai costs approximately Rs 72,430. (Representative/Shutterstock)
Kannada actress Ranya Rao was stopped at Kempegowda International Airport after authorities discovered gold bars valued at Rs 12.56 crore in her possession. Subsequent searches of her residence uncovered an additional Rs 2.06 crore worth of gold jewellery and Rs 2.67 crore in Indian currency.
“Acting on specific intelligence, DRI officers intercepted an Indian woman, aged around 33, who had arrived from Dubai to Bengaluru on an Emirates flight on March 3. Upon examination, gold bars weighing 14.2 kg were found ingeniously concealed on her person,” the Ministry of Finance said in a statement.
“Following the interception, DRI officers searched her residence on Lavelle Road, Bengaluru, where she lives with her husband. The search led to the seizure of gold jewellery worth Rs 2.06 crore and Indian currency amounting to Rs 2.67 crore,” the statement added.
The Ministry further stated that the woman had been arrested under the relevant provisions of the Customs Act, 1962, and remanded to judicial custody.
In this context, let us explore why gold prices in Dubai are often lower than in India and why the Dubai gold market presents an attractive option for gold buyers.
Gold prices in Dubai are often lower than in India due to differences in import duties and tax policies. Currently, 10 grams of 24-carat gold in Dubai costs approximately Rs 72,430, while in India the same amount is around Rs 90,000.
However, it is crucial to consider customs regulations when bringing gold from Dubai to India. Male passengers can bring up to 20 grams (worth Rs 50,000) without incurring customs duty, while female passengers have a limit of 40 grams (worth Rs 1,00,000). This exemption applies only to jewellery, not gold bars or coins.
It is important to note that exceeding these limits will result in customs duty, which can range from 10% to 12% of the gold’s value.
- Location :
Karnataka, India, India
