Smuggled gold seizures hit 3-year high at 3,083 kg, Kerala accounts for maximum cases

Minister of State for Finance Pankaj Chaudhary said the Customs field formations and the Directorate of Revenue Intelligence (DRI) keep constant vigil and take operational measures, such as passenger profiling, risk-based interdiction and targeting of cargo consignments, non-intrusive inspection, rummaging of aircraft and coordination with other agencies to deter gold smuggling.

Last week, addressing the officers of the Directorate of Revenue Intelligence, finance minister Nirmala Sitharaman said that smuggling of gold "seems to have its own cycle" irrespective of customs duty. She also asked the intelligence officers to study if there is a pattern and relationship between imports and smuggling.

In July, the import duty on gold was hiked to 12.5 percent from 7.5 percent to ease pressure on the domestic currency and dampen imports. Gold imports rose 33 percent to $46.14 billion in 2021-22. India is the world’s second-largest consumer of gold after China.

As per a DRI report, the bulk of the precious yellow metal seized by it in the 2021-22 fiscal came from the bordering nation Myanmar.

Chaudhary further said that in the last three years, National Investigation Agency (NIA) has conducted investigations and filed charge sheets in three cases of gold smuggling.

"Modus Operandi circulars related to new modus/method used by the gold smugglers are issued from time to time," Chaudhary said.