S iswaran: Carrying millions in gold in and out of s'pore is perfectly ok

http://therealsingapore.com/content/s-iswaran-carrying-millions-gold-and-out-spore-perfectly-ok

S ISWARAN: CARRYING MILLIONS IN GOLD IN AND OUT OF S'PORE IS PERFECTLY OK Post date:
15 Apr 2015 - 11:35pm












[Pic Credit: REUTERS]
In response to a question in parliament by NCMP Gerald Giam, Second Minister for Home Affiars, S Iswaran suggested that there is no problem with foreign diplomats carrying 27kgs of gold in his luggage.

Mr Giam had raised the concern after a North Korean Diplomat was reported to have been stopped in Bangladesh with over US$1.4M in gold bars hidden in his luggage. He had at the time insisted that he had diplomatic immunity from bag checks by the Bangladeshi authorities.

The man had flown from Changi airport to Bangladesh where he was caught.

Commenting on this, S Iswaran told parliament that there were "no lapses" in security checks at Changi Airport.

He said specifically that there was "no security threat items" found. Mr Iswaran said that all foreign diplomats are scanned for security threats with X-ray screening of their bags and metal detectors of their bodies.




It appears that it is perfectly ok for people to "smuggle" gold in and out of Singapore as there is "no weight limit"on such precious metals.

Mr Iswaran said that as long as the traveller is able to give an explanation that the precious metals are for their own personal consumption purposes, they are allowed to carry as much as they want.

The reason the North Korean diplomat was stopped in Bangladesh is because they have stricter laws on the movement of precious metals such as gold. In Singapore, there is no weight limit and no restriction as long as its for personal use.

I wonder why WP MPs and NCMPs like to ask such "bo siao gan" questions in Parliament.

Ask about CPF funds ... and why IDA employ fake MBA and still say never mind.

Walao, ask questions that impact our daily life leh.

NanoSpeed said:

I wonder why WP MPs and NCMPs like to ask such "bo siao gan" questions in Parliament.

Ask about CPF funds ... and why IDA employ fake MBA and still say never mind.

Walao, ask questions that impact our daily life leh.

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This Iswaran brain cells are all criss-crossed and wired differently.

He finds Ah Neh dangerous if they get tipsy after 10.30pm daily and so everyone gets the ban.

He thinks it is ok if someone carry large amount of gold bars across borders to make payment to some terrorists in a different land.

Precious metals for personal consumption? That's a first.

Sinkapore is a hub for crooks. Thanks to the PAP, sinkapore has a reputation for sheltering the ill-gotten wealth of the corrupt.

winnipegjets said:

Sinkapore is a hub for crooks. Thanks to the PAP, sinkapore has a reputation for sheltering the ill-gotten wealth of the corrupt.

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And ministar openly welcomes and invites these dirty money.
Huat ah! Better years ahead for sinkies!

blissquek said:

This Iswaran brain cells are all criss-crossed and wired differently.

He finds Ah Neh dangerous if they get tipsy after 10.30pm daily and so everyone gets the ban.

He thinks it is ok if someone carry large amount of gold bars across borders to make payment to some terrorists in a different land.

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That's why we are the hub for everything.
Carrying Gold out of Singapore is perfectly all right if you prove that it is for your personal consumption ? What you say is perfectly all right. As long as you can prove that Gold is yours to start with and with the money to buy the Gold in the 1st place, it is perfectly all right to bring Gold out of Singapore.

But we need to declare how much cash we carried out of Singapore to immigration after a minimum amount of 10 000? How does this add up ?

Carrying tons of Gold out is perfectly all right, but carry cash out needs declaration ?

NanoSpeed said:

I wonder why WP MPs and NCMPs like to ask such "bo siao gan" questions in Parliament.

Ask about CPF funds ... and why IDA employ fake MBA and still say never mind.

Walao, ask questions that impact our daily life leh.

Click to expand...

Agree.

Give us back all OUR hard-earned CPF money at age 55 NOWWWW !!

Damn it ! It is OUR blood and sweat money from decades of toiling !!

In singapore, you can smuggle gold in and out no problem. But god help you if you try to smuggle handbags.

SINGAPORE - More than 10 boxes of branded bags and shoes believed to be worth ten of thousands have been confiscated by authorities after a woman had allegedly brought them in without paying Goods and Services Tax, local media reported on Sunday.

The 29-year-old, who was not named, had arrived from Europe with her family at about 6am on Saturday morning, when Customs officers at Changi Airport approached them to inspect their luggage. Officers then accompanied the family back to their home in Bukit Timah, Chinese daily Lianhe Zaobao reported.

There, officers displayed and photographed the items, which included Miu Miu, Chanel and Louis Vuitton bags.

Her father, a mechanic, called Zaobao at noon on Saturday and told the Chinese paper that more than 10 Customs officers had been searching their home since 7am.

He claimed that they were harsh towards his daughter, and he had to call the police.

"They were fierce and impatient. My daughter used to suffer from depression and the situation has made her unwell. She needs a doctor now," he told Zaobao.

Custom officers eventually left the house at 2pm, taking with them 14 boxes that also contained a laptop computer, documents and other Hermes bags which they had found in the house.

It is understood that the woman had been selling branded bags on Instagram, but her account became inactive at about 1.30pm on Saturday.

She told Zaobao that the bags were part of her personal collection, and she sells those that she got tired of.

It was her hobby, and she would on occasion help her friends source for bags, she said.

In response to queries from The Straits Times, a Singapore Customs spokesman said in an e-mail statement on Dec 22: "Investigations are ongoing. All relevant import transactions, whether hand-carried or imported by other means, will be looked into.”

A 7 per cent goods and services tax (GST) is levied on all goods imported into Singapore, according to the Changi Airport website.

Tax relief is granted for up to $600 of goods, excluding liquor and tobacco, if travellers have been out of the country for more than 48 hours. If less than 48 hours, the tax relief granted is $150. The goods have to be for personal consumption.

Failure to declare the value of your purchases is an offence under the Customs Act and the GST Act. Offenders may be prosecuted in court, fined up to $10,000 and jailed for up to three years.
- See more at: http://www.straitstimes.com/news/si...ds-confiscated-changi-ai#sthash.8wykv2YT.dpuf

Precious metal no value, label bags more value?

No gst for gold, papsmearer. No capital gains too. Want to invest bo? I can make u rich.

Now, now... we can't have restrictions on the amount of gold that is brought into and out of the country.

Many new outlets have opened.

Carrying gold instead of cash will make it harder for people to rob you because it is heavier. And don't forget that it is ok if it is for personal consumption.

jw5 said:

Carrying gold instead of cash will make it harder for people to rob you because it is heavier. And don't forget that it is ok if it is for personal consumption.

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yes, you can top gold flakes over sushi. yum yum.

makapaaa said:

http://therealsingapore.com/content/s-iswaran-carrying-millions-gold-and-out-spore-perfectly-ok

S ISWARAN: CARRYING MILLIONS IN GOLD IN AND OUT OF S'PORE IS PERFECTLY OK Post date:
15 Apr 2015 - 11:35pm



[Pic Credit: REUTERS]
In response to a question in parliament by NCMP Gerald Giam, Second Minister for Home Affiars, S Iswaran suggested that there is no problem with foreign diplomats carrying 27kgs of gold in his luggage.

Mr Giam had raised the concern after a North Korean Diplomat was reported to have been stopped in Bangladesh with over US$1.4M in gold bars hidden in his luggage. He had at the time insisted that he had diplomatic immunity from bag checks by the Bangladeshi authorities.

The man had flown from Changi airport to Bangladesh where he was caught.

Commenting on this, S Iswaran told parliament that there were "no lapses" in security checks at Changi Airport.

He said specifically that there was "no security threat items" found. Mr Iswaran said that all foreign diplomats are scanned for security threats with X-ray screening of their bags and metal detectors of their bodies.

It appears that it is perfectly ok for people to "smuggle" gold in and out of Singapore as there is "no weight limit"on such precious metals.

Mr Iswaran said that as long as the traveller is able to give an explanation that the precious metals are for their own personal consumption purposes, they are allowed to carry as much as they want.

The reason the North Korean diplomat was stopped in Bangladesh is because they have stricter laws on the movement of precious metals such as gold. In Singapore, there is no weight limit and no restriction as long as its for personal use.

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Irony is that travelers must declare cash transfer in excess of S$20,000. If that is the case, then gold is loophole since gold is cash equivalent. Then again, bitcoin is another grey area, U can transfer $$$ to any terrorist just by giving them password to your personal bitcoin vault. Don't even need physical travel to transport the gold/ cash, just one sms, phone call or email will probably do...

REPORTING CASH
REPORTING OF CROSS BORDER MOVEMENTS OF PHYSICAL CURRENCY AND BEARER NEGOTIABLE INSTRUMENTS
Singapore implemented the reporting of cross border movements of physical currency and bearer negotiable instruments into and out of Singapore on 1 November 2007. This is part of Singapore's overall efforts to combat transnational crime, money laundering and terrorism financing.

A traveller who enters or leaves Singapore is required to give a report if he carries with him an amount exceeding Singapore dollars 20,000 (or its equivalent in a foreign currency). The report shall be handed over to the immigration officer at the Customs Red Channel on arrival in Singapore, and at the immigration counter on departure from Singapore. The prescribed form to be used is the Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form.

You may wish to visit the Commercial Affairs Department website for more information as the law also covers receipt from outside Singapore as well as movement through cargo, post and other means. Please note that this is NOT a currency control regime. There is no restriction on the type or amount that can be moved into or out of Singapore as long as a report is given.
http://www.changiairport.com/passenger-guide/arrival/customs/reporting-cash

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How about Platinum?

mojito said:

No gst for gold, papsmearer. No capital gains too. Want to invest bo? I can make u rich.

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There is GST on gold purchases, unless u are on the list of approved dealers.

Papsmearer said:

There is GST on gold purchases, unless u are on the list of approved dealers.

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in near future, carrying cyanide and C40 are ok as long as it is for personal consumption.

any difference from money laundering?