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Informist, Thursday, Dec. 5, 2024

MUMBAI – The total smuggled gold seized during the financial year 2023-24 (Apr-Mar) by the Central Board Of Indirect Taxes & Customs was 4,869.6 kg, almost 40% higher than the 3,480.9 kg seized in FY23, the Directorate of Revenue Intelligence said in the annual report, "Smuggling in India 2023-24". The directorate itself seized 1,319 kg of gold in FY24, against 1,452 kg in FY23.

The "Smuggling in India 2023-24" report was released Wednesday at the 67th Foundation Day celebrations of the directorate, which is the apex anti-smuggling agency under the CBIC.

Of the total gold seized in FY24, the major part, 55%, was being attempted to be smuggled over land routes, according to the report. Gold smuggling through India's eastern borders, particularly with Bangladesh and Myanmar, has emerged as a major concern for law enforcement agencies, the directorate said.

Siliguri in West Bengal accounts for about 4%, or approximately INR 300 million in value terms, of the total seizures by the Directorate of Revenue Intelligence, according to the report. "...seizures in Siliguri have occurred consistently throughout the year, underscoring its status as a hotspot for smuggling activities," it said. 

Smuggling of gold through air routes remains a prominent method for smugglers, accounting for almost 36% of the total gold seized during FY24, according to the report.

"India has become a major destination for illicit gold imports, with gold and silver predominantly originating from Gulf states such as the UAE (United Arab Emirates) and Saudi Arabia, where these metals are sourced and available at lower prices," the report said. African airports such as Nairobi in Kenya and Addis Ababa in Ethiopia, and central Asian airports like Tashkent in Uzbekistan have also emerged as key locations for gold smuggling operations.

Meanwhile, gold attempted to be smuggled via sea routes accounted for only 9% of the total gold seized in FY24. "Gold available at lower prices in Dudai and Bangkok is often transported to neighbouring countries like Sri Lanka for smuggling into India through the sea route," the report said.

End

Reported by J. Navya Sruthi

Edited by Rajeev Pai

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