Customs, DRI seize gold worth Rs 931.55 cr in Apr-Jan period

Gold worth Rs 931.55 crore has been seized by the customs and the Directorate of Revenue Intelligence during the April-January period of this fiscal, Parliament was informed today.
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.
In 2013-14, 2012-13 and 2011-12, the authorities had seized gold worth Rs 686.99 crore, Rs 104.62 crore and Rs 43.87 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.

India's gold imports reached an all time high levels of USD 56.5 billion and USD 53.8 billion respectively during 2011-12 and 2012-13.
This led to a higher trade deficit of USD 183.4 billion and USD 190.3 billion in 2011-12 and 2012-13 respectively.
"The rise in imports of gold was one of the factors contributing to India's high trade and current account deficit in 2011-12 and 2012-13," the minister said.

However, Sitharaman said as a result of the various measures taken by the government and the Reserve Bank, trade deficit declined from USD 190.3 billion in 2012-13 to USD 135.8 billion in 2013-14.
The government has also taken a number of initiatives to boost exports and reduce imports, so as to reduce trade deficit and current account deficit.
It had gradually increased customs duty on gold from 2 per cent in January 2012 to 10 per cent in August 2013.