BOMBAY: AUG. 16, REUTER — Indian investigators seized 358 KBS (789 pounds) of gold from a boat off West India’s Gujarat state, a spokesman said on Tuesday.
Moheb Ali, deputy director of the directorate of revenue intelligence, told reporters the gold worth 113.6 million rupees (8.1 million dollars) was seized off the Port of Porbundar on Sunday night.
Seven Pakistani crewmen were arrested, he said.
India, one of the world’s biggest gold consumers, severely restricts imports of the metal to conserve foreign exchange.
Bullion dealers estimate about 100 tons of gold is smuggled into the country each year.
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Article extracted from this publication >> August 19, 1988