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What is one of the primary laws regulating gold smuggling in India?
  • a)
    The Foreign Trade Act, 1992
  • b)
    The Income Tax Act, 1961
  • c)
    The Customs Act, 1962
  • d)
    The Gold Control Act, 1968
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
What is one of the primary laws regulating gold smuggling in India?a) ...
The Customs Act, 1962 is a crucial law that regulates the import and export of goods in India, including gold. It provides the framework for customs procedures, duties, and enforcement against smuggling activities. Given India's position as the second-largest gold consumer in the world, effective regulation through this act is essential to curb illegal trade and ensure compliance with international trade laws. Interestingly, the surge in gold prices globally has led to an increase in smuggling activities, highlighting the challenges faced in maintaining lawful trade practices.
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