Gold smuggling on the rise

COLOMBO (News 1st) - Chairman of the National Gem and Jewellery Authority, Peshala Jayarathna stated that the number of cases reported on the illegal smuggling of Gold has increased. He stated that the main cause for this could be the high taxes imposed on Gold. He added that the estimated annual income from the industry usually exceeds Rs. 100 million whereas the income has now decreased to Rs. 35 million due to the prevailing taxes.