DRI marks 74% year-on-year hike in gold seizures
The Directorate of Revenue Intelligence (DRI) has seized 3,024 kg of gold in the 2022-23 fiscal year, marking a 74% increase compared to the previous year. The value of the seized gold is estimated to be around Rs 15,120 crore.The DRI has attributed the increase in gold seizures to its enhanced surveillance and intelligence-based operations. The agency has also been working closely with other law enforcement agencies to combat gold smuggling.In one of the major seizures, the DRI seized 956 kg of gold from a container at the Jawaharlal Nehru Port Trust (JNPT) in Mumbai. The gold was concealed in wooden logs and was being smuggled into the country from Dubai.In another major seizure, the DRI seized 523 kg of gold from a truck at the Attari border in Punjab. The gold was being smuggled into the country from Pakistan.The DRI has also seized gold from passengers at airports and railway stations. In one such case, the DRI seized 10 kg of gold from a passenger at the Indira Gandhi International Airport in Delhi. The gold was concealed in the passenger's luggage.The DRI's efforts to combat gold smuggling have been lauded by the government and the industry. The agency's success in seizing large quantities of gold has helped to curb the flow of illegal gold into the country.
Gold smuggling in India
Gold smuggling is a major problem in India. The country is one of the largest consumers of gold in the world, and the demand for gold is often met through illegal channels.Gold smuggling is driven by a number of factors, including the high import duty on gold, the large price differential between India and other countries, and the weak enforcement of anti-smuggling laws.Gold smuggling has a number of negative consequences for the Indian economy. It leads to a loss of revenue for the government, it distorts the gold market, and it can contribute to inflation.The DRI's efforts to combat gold smuggling are therefore important for the Indian economy. The agency's success in seizing large quantities of gold has helped to curb the flow of illegal gold into the country and has contributed to the stability of the gold market.