Hyderabad: Organised syndicates are getting active once again after a lull, and sending foreign currency abroad. The foreign currency is collected from unauthorised dealers operating in the city and pushed back to the United Arab Emirates and other countries in the Gulf.
“The currency is sent through couriers who are paid a commission to hand it over to some person in West Asia. Using the money, the smugglers purchase gold and other goods which have high resale value in India,” said the officials. The goods are then smuggled to India.
The foreign currency finds its way into the country through NRIs who visit their homes round the year. “The foreign currency is exchanged at legal or illegally run exchange centres in the city or districts for Indian currency. The exchange rate offered at the illegal exchange centre is more and the task is hassle free,” an official said.
The official said there was a dip in the cases of smuggling of foreign currency. In 2016, six cases were reported while in 2017 it fell to three. Monday’s catch was the first this year.
