Daily News header

Nepal Confiscates Millions in Smuggled Gold

By

The recent seizure of over 17 pounds of pure gold worth more than $350,000 being smuggled through the Himalayan Kingdom caps a record year for police here.

The cops grabbed more than 115 pounds of illegal gold last year, a haul of well over $2 million.

China to Nepal's north and India to the south each consume about 1,000 metric tons every year - almost five million pounds together. But the price in India after duty and tax is about 15 percent higher than in China, a difference of over $2,700 per pound. Since a one-kilogram (2.2 pound) bar of gold is only slightly larger than a smartphone, the temptation is obvious.

nepal gold
The puppets are caught, but those pulling the strings escape

Efficient police forces catch less than 10 percent of smuggled goods overall. The Nepal police are not efficient, and they are handicapped by a nexus between smugglers and senior politicians. Those arrested are likely to be small fry rather than the major players in the smuggling.

The total traffic through Nepal could be hundreds of millions of dollars annually. That's only a few percent of the market, a very plausible figure. But it is tens of millions of dollars in profit, a very large amount of money indeed in a poor country.

John Child is The NewsBlaze Nepal Correspondent, a journalist in Kathmandu who writes about goings-on in and around Nepal and her neighbors. Read more stories by John Child in Kathmandu.

  Please leave a comment here     If it does not display within 10 seconds, please refresh the page

Related Nepal News

D.R. Prasai says the essences of Nepalese nationalism are Hinduism, constitutional monarchy and Nepali language. These are the identifying symbols of Nepal.
We have to find these missing people by reaching out to them as they are not coming to us on their own for a variety of reasons. We have to get them diagnosed and put on treatment. Non-governmental organizations (NGOs) and Civil Society Organization
Reporting on the SAARC meeting, John Child says mutual mistrust and pervasive corruption and inefficiency common SAARC states will limit what can be accomplished.
The journey from Beijing to Bangkok has been strenuous as well as rewarding. So it was in the fitness of things that a plenary session at the Asia Pacific Civil Society Forum on Beijing+20, organized by the Asia Pacific Forum on Women, Law and Devel
The Asian Century is underwritten by the exploitation of women, - Erwiana shares her lived experience of the struggle against oppression as a migrant worker.
Bobby Ramakant says eliminating malaria from the Asia Pacific region in the next 15 years is an ambitious goal, a bold move by strong leadership on health security.
...More Nepal  

 

NewsBlaze Writers Of The Month



Popular Stories This Month

newsletter logo

NewsBlaze
Copyright © 2004-2014 NewsBlaze Pty. Ltd.
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice               Press Room   |    Visit NewsBlaze Mobile Site