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Gold haul up 5-fold to Rs 565 crore in 2013-14
Financial year (FY) 2013-14 has seen the highest increase in gold smuggling in India's recent history. Smuggled gold seizures this FY have increased five-fold compared to FY12-13. From a mere Rs 100 crore worth of gold seized in FY 2012-13, this FY various agencies have seized over Rs 565 crore worth of gold.
Sources said the value of gold actually smuggled through this FY could be over 10-20 times this amount. Some estimates put seizures at 1-2% of actual smuggling. Only recently, finance minister P Chidambaram had said that gold smuggling had touched an estimated figure of 3,000 kg every month. Calculated at current gold prices, this could easily breach the Rs 9,000 crore worth gold smuggled in the last FY.
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