Utilise gold seized by customs for COVID-19 fight: Retired IRS official
A retired Indian Revenue Service (IRS) official has suggested a plan for India to find funds to fight the coronavirus pandemic.
Former Director General of National Academy of Customs, Indirect Taxes and Narcotics Dr. G. Shreekumar Menon suggested that India could auction gold seized by the Customs department to generate funds while the country is under the lockdown period.
According to the former IRS official, vast amounts of smuggled gold is seized by the Indian Customs round the clock at airports, seaports and land customs stations. If all the seized gold is auctioned immediately, the accrued fund would be more than sufficient to fight the COVID-19 pandemic. The Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to fight the COVID-19 pandemic will get sufficiently enriched, he added.