NEW DELHI: Indian customs and the Directorate of Revenue Intelligence (DRI) recovered gold worth Rs9.31 billion in April-January fiscal period.
The value of gold seized in the first 10 months of 2014-15 is already higher than the previous three full financial years put together.
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In 2013-14, 2012-13 and 2011-12, the authorities had seized gold worth Rs 686.99 crore, Rs 104.62 crore and Rs 4.37 crore respectively, Commerce and Industry Minister, Nirmala Sitharaman, said in a written reply to Rajya Sabha.
As many as 3,412 cases were registered during the 10-month period of the current fiscal.
“Smuggling of gold or any other commodity/item depends on the demand and supply mismatch as well as dynamics of the price differential in domestic and international price,” said Sitharaman.
“There are no figures available regarding estimates of smuggled gold,” she added.
