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EconomyMedium

How much foreign-origin gold was seized in the operation, and what was its approximate value?

  1. A.3.25 kg worth about Rs 5.10 crore
  2. B.6.61 kg worth about Rs 10.36 crore
  3. C.12.40 kg worth about Rs 18.75 crore
  4. D.18.20 kg worth about Rs 29.50 crore

Correct answer

B. 6.61 kg worth about Rs 10.36 crore

Explanation

The correct answer is 6.61 kg worth about Rs 10.36 crore. That quantity of foreign-origin gold, all of it in bar form, was recovered from the courier consignments that were intercepted during the coordinated operation, and it was seized under the relevant provisions of the customs law. The other three combinations are invented figures placed there as distractors and do not match what was recovered. A useful way to remember the answer is that the seizure of roughly six and a half kilograms was only the visible part of the racket; the documents examined afterwards showed a far larger flow of gold through the very same courier chain over the preceding months. Eleven people were arrested in connection with the case, one of them described as a mastermind.

Read the full article: DRI Seizes 6.61 kg Smuggled Gold Worth Rs 10.36 Crore, 11 Held

Practice Questions

Q1.EconomyEasy

Which agency busted the pan-India gold smuggling syndicate that used courier consignments to move foreign-origin gold?

  1. A.Enforcement Directorate
  2. B.Directorate of Revenue Intelligence
  3. C.Central Bureau of Investigation
  4. D.National Investigation Agency
Show answer
Correct answer: B. Directorate of Revenue Intelligence

It was DRI that acted on intelligence about gold crossing the India-Bangladesh border, intercepted the courier parcels in several cities and seized the metal under the customs law.

Q2.EconomyMedium

According to the preliminary scrutiny of documents, how much smuggled gold had the syndicate already moved through courier channels in nine months?

  1. A.About 318 kg worth about Rs 475 crore
  2. B.About 118 kg worth about Rs 160 crore
  3. C.About 640 kg worth about Rs 900 crore
  4. D.About 45 kg worth about Rs 70 crore
Show answer
Correct answer: A. About 318 kg worth about Rs 475 crore

Documents examined after the arrests showed that this quantity of smuggled gold had already been carried and delivered through the same courier-based network during nine months of the current calendar year, which is what revealed the true size of the operation.

Q4.EconomyMedium

Which scheme of the MSME Ministry handholds SC/ST micro and small enterprises for public procurement?

  1. A.National SC-ST Hub Scheme
  2. B.Prime Minister's Employment Generation Programme
  3. C.Credit Guarantee Fund Trust for Micro and Small Enterprises
  4. D.Udyam Registration
Show answer
Correct answer: A. National SC-ST Hub Scheme

The Joint Secretary told the round table that the promotion and handholding done under this scheme has steadily raised the share of SC/ST micro and small enterprises in public procurement, and the scheme's field offices are the ones being asked to coordinate more closely with the Government e-Marketplace and with…

Q5.EconomyMedium

Under the Government's Public Procurement Policy, what share of procurement is mandated from SC/ST micro and small enterprises?

  1. A.3 per cent
  2. B.4 per cent
  3. C.20 per cent
  4. D.25 per cent
Show answer
Correct answer: B. 4 per cent

The round table with Central Public Sector Enterprises was convened precisely to monitor how far they have met the mandated four per cent sourcing from micro and small enterprises owned by Scheduled Caste and Scheduled Tribe entrepreneurs.