New Delhi: There has been an unprecedented five-time jump in cases of gold smuggling in fiscal year 2014-15 over the previous year during which the yellow metal worth Rs 1,120 crore was seized, notwithstanding easing of curbs on its import.
What is worrying the revenue intelligence officials is that cases of smuggling have not come down despite the legal import of gold into the country increasing significantly during the same period.
A total of 4,400 cases of gold smuggling have been registered in the country during 2014-15. About 4,480 kgs (4.48 metric tonnes) of the precious metal valued at about Rs 1,120 crore was seized in these cases, a senior official in Directorate of Revenue Intelligence (DRI) said.
252 persons were also arrested in the last fiscal year in these cases, he said.
There were 870 cases of gold smuggling registered during 2012-13, five times less than those filed in fiscal year 2014-15. About 400 kgs of gold valued at about Rs 100 crore was seized in these cases, the official said.
2,700 such cases were registered in 2013-14 in which 2,760 kgs (2.76 metric tonnes) of gold, worth about Rs 690 crore, was seized, he said.
There has been a rise in legal import of gold too during the past two years owing to growing domestic demands. During 2014-15, 1,332 metric tonnes (13.32 lakh kgs) of gold was imported in the country. The value of the import was Rs 2.67 lakh crore, the official said.
In 2013-14, 616 metric tonnes (6.16 lakh kgs) of gold worth Rs 1.55 lakh crore was imported, he said.
Interestingly, about 169 metric tonnes (1.69 lakh kgs) of gold has been imported between April and June 10 this year alone. The value of the import was Rs 38,608 crore, the official said.
Directorate of Revenue Intelligence officials feel the demand will push further import of gold into the country during the fiscal year.
"There is still a big demand-supply gap as far as people's love for gold is concerned which might give rise to higher import of gold," he said.
They suspect rise in gold smuggling too. "There is a huge margin in smuggling. That is why people do it on such a large scale. One can make about Rs 1.5 lakh in smuggling a kilogram of gold," the official said.
DRI and the customs on an average register about five cases of gold smuggling every day. The number increases to 12-15 on some days. "It is a worrying trend and we are taking all possible steps to check gold smuggling through international transit points," he said.
Finance Minister Arun Jaitley had also proposed a gold monetization scheme in his Budget speech for 2015-16.
"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, mostly this gold is neither traded, nor monetized. I propose to introduce a gold monetization scheme, which will replace both the present gold deposit and gold metal loan schemes," Mr Jaitley had said.
The Finance Minister had proposed to commence work on developing an Indian gold coin, which will carry the Ashok Chakra. "Such an Indian gold coin would help reduce the demand for coins minted outside India and also help to recycle the gold available in the country," he had said.
The government has recently sought people's comments on the proposed gold monetization scheme.
What is worrying the revenue intelligence officials is that cases of smuggling have not come down despite the legal import of gold into the country increasing significantly during the same period.
A total of 4,400 cases of gold smuggling have been registered in the country during 2014-15. About 4,480 kgs (4.48 metric tonnes) of the precious metal valued at about Rs 1,120 crore was seized in these cases, a senior official in Directorate of Revenue Intelligence (DRI) said.
252 persons were also arrested in the last fiscal year in these cases, he said.
There were 870 cases of gold smuggling registered during 2012-13, five times less than those filed in fiscal year 2014-15. About 400 kgs of gold valued at about Rs 100 crore was seized in these cases, the official said.
2,700 such cases were registered in 2013-14 in which 2,760 kgs (2.76 metric tonnes) of gold, worth about Rs 690 crore, was seized, he said.
There has been a rise in legal import of gold too during the past two years owing to growing domestic demands. During 2014-15, 1,332 metric tonnes (13.32 lakh kgs) of gold was imported in the country. The value of the import was Rs 2.67 lakh crore, the official said.
In 2013-14, 616 metric tonnes (6.16 lakh kgs) of gold worth Rs 1.55 lakh crore was imported, he said.
Interestingly, about 169 metric tonnes (1.69 lakh kgs) of gold has been imported between April and June 10 this year alone. The value of the import was Rs 38,608 crore, the official said.
Directorate of Revenue Intelligence officials feel the demand will push further import of gold into the country during the fiscal year.
"There is still a big demand-supply gap as far as people's love for gold is concerned which might give rise to higher import of gold," he said.
They suspect rise in gold smuggling too. "There is a huge margin in smuggling. That is why people do it on such a large scale. One can make about Rs 1.5 lakh in smuggling a kilogram of gold," the official said.
DRI and the customs on an average register about five cases of gold smuggling every day. The number increases to 12-15 on some days. "It is a worrying trend and we are taking all possible steps to check gold smuggling through international transit points," he said.
Finance Minister Arun Jaitley had also proposed a gold monetization scheme in his Budget speech for 2015-16.
"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, mostly this gold is neither traded, nor monetized. I propose to introduce a gold monetization scheme, which will replace both the present gold deposit and gold metal loan schemes," Mr Jaitley had said.
The Finance Minister had proposed to commence work on developing an Indian gold coin, which will carry the Ashok Chakra. "Such an Indian gold coin would help reduce the demand for coins minted outside India and also help to recycle the gold available in the country," he had said.
The government has recently sought people's comments on the proposed gold monetization scheme.
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