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

This will promote Hindu religion and its stature in the world. From the very beginning, the BJP and Indian PM Narendra Modi have been fighting for Hindu values and Indian nationalism. We are happy that the Hindu nationalist party has won
Gyanendra Shah, the last king of Nepal, after living as a private citizen outside the capital in a former royal hunting lodge, is in intensive care in hospital.
Nepal is a small stakeholder who pollutes less but is affected more. All should help and contribute to Nepal to fund and provide necessary support to fight against climate changes.
John Child says new US Peace Corps volunteers have arrived in Nepal. After training they go to the west. US Military medics also arrived for a first aid exercise.
The rule of law does not apply in Nepal when Maoist cadres killed people. Human Rights Commission says the government is now killing the deceased's parents.
D.R. Prasai make a case for approving and modifying the 1990 constitution with four unchangeable points - the constitutional monarchy, Hindu Kingdom and parliamentary democracy with Human rights.
...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