chapter  5
15 Pages

The Labyrinth of Smuggling

ByS. K. Ray

This chapter is concerned with that part of economic offences which has a direct or indirect bearing on a country's international balance of payments, and examines through jumping or cornering the law on trade between India and any other country. Smuggling has become an evil influence in a number of economic systems like the Indian. Smugglers represent a very important element of the money market, credit structure, stock exchange and financial system generally. A Union Minister of State for Finance advised the Parliament that smuggling had lately assumed great dimensions and that smugglers had amassed huge wealth and attained social status. Smuggling is financed by black money, both in settlement of exports and imports in the underworld. The most startling channel of smuggling that has raised its ugly head is in uranium, a rare radioactive mineral, highly priced for its use in nuclear devices.