New Delhi: Gold smuggling into India witnessed a marked decline in FY25, with customs authorities seizing 2,600.40 kg of the yellow metal across 3,005 cases, the Parliament was informed on Monday.
This is a sharp fall compared to the previous year, when 6,599 cases were registered and nearly 5,000 kg of gold was seized, Minister of State for Finance, Pankaj Chaudhary said in a written reply to a question in the Lok Sabha.
The latest figures highlight a reversal of the steep upward trend seen in FY23 and FY24, when seizures had risen significantly.
FY24, in particular, saw the highest volume in the decade, with 4,971.68 kg of smuggled gold confiscated.
The data shows that in FY23, officials had confiscated 4,342.85 kg in 4,619 cases, while FY22 saw seizures of 2,172.11 kg across 2,236 cases.
The government attributed the fluctuations to stronger enforcement, shifting smuggling routes, and variations in international prices.
Since 2015-16, when 2,972 kg of gold was seized, seizures have broadly mirrored both market conditions and tightening security at entry points.
Despite the moderation in FY25, experts note that India’s insatiable demand for gold, driven by jewellery consumption and investment needs, continues to fuel illegal inflows.
The official import bill for gold stood at nearly $58.1 billion in 2024, with Switzerland, the UAE, and South Africa emerging as top suppliers.
As per the data, in 2024, Switzerland emerged as the largest source, generating customs revenue of Rs 7,523 crore, followed by the United Arab Emirates at Rs 7,486 crore and South Africa at Rs 2,670 crore.
Other key contributors included Peru (Rs 2,051 crore), the United States (Rs 817 crore) and Australia (Rs 1,435 crore).
Overall, customs duty collections from gold imports touched Rs 26,402 crore in 2024 — reflecting the sheer scale of legal trade alongside persistent smuggling.
Officials said surveillance measures and technology-based interventions are being strengthened further to curb gold smuggling, particularly at airports and land borders.
(IANS)
