Among the contraband worth Rs 3,500 crore found in FY24 were gold and drugs.
Additionally, earlier this month, the government placed import limitations on gold jewelry and components.
The majority of the illegal goods worth Rs 3,500 crore that the Directorate of Revenue Intelligence (DRI) confiscated during the previous fiscal year were narcotics and gold that had been trafficked, Principal Director General of DRI, Mohan Kumar Singh, announced on Thursday.
Gold smuggling cases have increased in tandem with a dramatic increase in gold prices, challenging the 15 percent duty. Earlier this month, the government also placed import limits on gold jewelry and components in response to an extraordinary spike in imports as traders tried to take advantage of reduced duties in specific regions. The amount of gold that India buys overall has also increased, pushing the goods trade deficit to a five-month high of $19.1 billion in April. This was mostly caused by an increase in gold imports of
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