New Delhi, Oct 25 : Seizures of smuggled gold by the Customs Department have recorded a 43 per cent jump to 2,000 kg in the first half of the current financial year (April-Sept) compared to the same period last year, Sanjay Kumar Agarwal, Chairman of Central Board of Indirect Taxes and Customs (CBIC) disclosed on Wednesday.
The CBIC chairman also cautioned that higher seizures did not necessarily mean that the smuggling of gold had increased.
“The difference in prices of gold which are prevailing in the international market and the domestic prices could be a reason for the increase in gold smuggling,” Agarwal told journalists on the sidelines of an event organised to destroy seized narcotics and foreign cigarettes.
However, the higher seizures could also be partly due to the customs department doing a better job of detecting gold smuggling, he added.
During the entire year for 2022-23, Indian authorities seized 3,800 kilogrammes,
India is the biggest importer of gold in the world which is used for making jewellery, especially during the marriage season and also as an avenue for safe-haven investment.
According to figures compiled by the commerce ministry, gold worth $22.25 billion has been imported in April-September 2023 which is 10 percent higher than the same period last year.
“Gold is being smuggled through air travel and also via the land borders with countries such as Nepal, Myanmar and Bangladesh,” Agarwal added.
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