Illegal Gold Imports : Bad News for Smugglers

SEATTLE (Scrap Monster): Sri Lanka Customs has decided to impose maximum penalties on those smuggling restricted items, including gold and electronic items, it was reported.

According to media reports, maximum penalties are to be imposed on those smuggling over 100 grams of gold and substantial quantities of restricted items, including mobile phones.

A Customs official said the measures are being taken to address escalating revenue losses.

A recent report from the Parliamentary Committee on Ways and Means highlighted a loss of 1.4 billion rupees in recent times, attributing it to discretionary powers granted to customs officers in determining fines for smuggling restricted goods into the country.

The committee also revealed a surge in the smuggling of gold, mobile phones, and other valuable items over the past three years following import restrictions.

Since June 2023 individuals caught bringing in restricted valuable items could face fines three times the value of the goods or a 100,000 rupees penalty.

It was reported that as of October 31, customs had collected Rs. 760 billion in revenue, with expectations that total customs revenue for the year would surpass Rs. 925 billion.

 Courtesy: www.newswire.lk