Advertisements

India Seizes 4,869 Kilograms Of Smuggled Gold In FY24

by Barbara Miller

The Directorate of Revenue Intelligence (DRI) has reported a significant rise in gold seizures in India, with authorities confiscating 4,869.6 kg of smuggled gold during the fiscal year 2024. Despite efforts to curb the practice, gold smuggling continues to be a growing challenge, fueled by the country’s soaring demand for gold and the exploitation of porous border areas, especially in the Northeast.

The Myanmar border, in particular, has emerged as one of the most active routes for illegal gold trafficking, with Myanmar serving as both a primary source and key transit hub. In response, the DRI has ramped up surveillance and enforcement activities, aiming to counter the persistent menace of gold smuggling that undermines the country’s economy.

Advertisements

Smuggling Routes and Key Transit Hubs

India’s high demand for gold, driven by cultural practices and investment needs, has long created a significant gap between domestic supply and the nation’s consumption. This reliance on imports to meet over 90% of its annual gold needs has made the country an attractive target for smuggling syndicates. In particular, the Northeast border areas have become focal points for these illegal activities.

Advertisements

The DRI’s report highlights that well-established smuggling routes such as Tamu-Moreh in Manipur and Zokhawthar in Mizoram continue to be prime channels for illicit gold trafficking. These routes take advantage of the challenging terrain, which makes border surveillance difficult, and the minimal controls in place at these entry points.

Gold smuggled from Myanmar often passes through various transit hubs, including Muse, Ruili, and Mandalay, before crossing into India. Both Tamu and Rih are located in Myanmar and serve as legal trading routes, but they are also notorious for being used in illegal gold trade. The DRI’s report emphasizes that these routes remain active, despite the agency’s heightened vigilance.

The Growing Threat of Smuggling in the Northeast

Manipur and Mizoram, in particular, have become hotspots for gold trafficking, as evidenced by frequent seizures along these routes. The DRI has significantly increased its surveillance efforts in these areas, but the sheer volume of illegal gold trade remains a persistent issue.

The seizure of nearly 5,000 kg of smuggled gold is a stark reminder of the scale of the problem. According to the Central Board of Indirect Taxes and Customs (CBIC), which oversees the DRI, the agency registered 6,425 cases of smuggling in FY24. The border areas of Manipur and Mizoram have increasingly become critical choke points in the illicit gold supply chain, requiring constant monitoring and intervention by enforcement agencies.

Nepal and West Bengal: Alternative Smuggling Corridors

While the Myanmar border is a major smuggling route, other regions of India are also seeing illicit gold enter through various corridors. The report reveals that Nepal continues to be a significant source of smuggled gold, with smugglers using both train and road networks to move contraband gold into major cities across India.

In addition, the Siliguri Corridor in West Bengal remains a critical transit point for smuggled gold entering mainland India. The proximity of this region to the Nepalese border makes it an ideal location for smuggling activities, further complicating enforcement efforts.

Evolving Smuggling Techniques

Smuggling syndicates have become increasingly sophisticated in their methods, employing a range of strategies to avoid detection. One of the most common tactics involves concealing gold within machinery parts, alloying it with other metals, or hiding it in specially modified vehicles that contain secret cavities for smuggling.

In recent years, air cargo and courier routes have also emerged as significant channels for gold trafficking. These methods allow smugglers to bypass traditional border checks, making it more difficult for authorities to intercept the illegal shipments.

The so-called “hub and spoke” model is frequently used by smuggling networks. In this approach, illicit gold is first transported to central hubs and then distributed to various regions across the country. Once the gold reaches India, it is often re-melted and crafted into jewellery, further complicating efforts to trace its origin and integrate it into the legal market.

Smuggling Driven by Price Disparities

One of the key factors driving the continued smuggling of gold is the price disparity between India and its neighboring countries. Smuggling syndicates exploit this difference in pricing, smuggling gold into India where it can be sold at a higher price. Despite government efforts to lower the customs duty on gold, this price difference continues to provide a financial incentive for illicit trade.

In the 2024 Union Budget, the Indian government reduced the customs duty on gold from 15% to 6%, aiming to discourage smuggling and promote legitimate trade. However, the DRI’s report indicates that this measure has had little impact on curbing smuggling activities. Revenue Secretary Sanjay Malhotra acknowledged the ongoing challenge in combating gold smuggling, stating that despite the reduction in customs duty, the problem persists.

“We are here not only for revenue but for the entire economy of the country. If, in the process of garnering some revenue, we harm the industry or economy, that’s certainly not our intent,” Malhotra said on December 4. “Revenue comes in only when there is income, so we have to tread cautiously and avoid, as they say, killing the golden goose.”

Enforcement Efforts and Future Challenges

The DRI, along with other enforcement agencies, has been granted extensive powers to search, seize, and arrest individuals involved in gold smuggling. These powers allow authorities to target smuggling syndicates more effectively and clamp down on illegal activities. However, the report suggests that the syndicates are constantly evolving, and the enforcement efforts must also adapt to stay one step ahead.

The DRI’s approach has become increasingly data-driven, with agencies relying on intelligence and technology to identify and disrupt smuggling operations. As smugglers adopt more creative methods to conceal their contraband, authorities are stepping up their efforts to track and seize gold before it can enter the legal market.

Despite these measures, the task of curbing gold smuggling remains a formidable challenge. The continuous demand for gold, combined with the high profits generated from smuggling, means that enforcement efforts must be ongoing and adaptable.

Conclusion

The seizure of 4,869.6 kg of smuggled gold in FY24 serves as a sobering reminder of the ongoing problem of gold smuggling in India. Despite a reduction in customs duties and enhanced enforcement efforts, the illicit trade in gold continues to thrive, fueled by a combination of high domestic demand, price disparities, and porous borders.

The Myanmar border remains one of the most significant routes for smuggling, with regions like Manipur and Mizoram seeing frequent seizures of contraband gold. Smuggling syndicates are employing increasingly sophisticated techniques to avoid detection, making it more challenging for authorities to combat the problem.

As India continues to wrestle with this issue, the need for improved border security, targeted surveillance, and stricter enforcement measures will be crucial in curbing the flow of smuggled gold into the country. The fight against gold smuggling is far from over, but with sustained efforts, the authorities hope to reduce its prevalence and minimize its impact on the economy.

Related topics:

Advertisements

Related Posts

blank

Dailygoldprice is a gold price portal. The main columns include spot gold, gold price, gold futures, non-agricultural data, gold knowledge, gold news, etc.

[email protected]

Copyright © 2023 dailygoldprice.com