Smuggling In India Report 2019-20 Published
Over 15% of total annual Gold demand India is smuggled a year! Recently Smt Sitharaman unveiled, Smuggling in India Report 2019-20, which analyses organised smuggling trends on Gold & Foreign Currency, Narcotic Drugs, Security, Environment, Commercial Frauds. Pr. DGRI, Shri Balesh Kumar welcomed the dignitaries and presented a report on DRI’s performance of the previous financial year. The report say, While the Indian demand for gold is ever-increasing, it is estimated that about one-sixth of the total volume of gold entering India, is by way of illicit trade. India imports about 800-850 tonnes of gold every year while its annual consumption is around 1,000 tonnes. This suggests that roughly 150-200 tonnes of gold are being smuggled into the country every year. In FY 2019-20, 120 tonnes of gold were smuggled into India, which was about 15% to 17% of the nation’s annual demand, according to the World Gold Council. The economic reforms of 1990s witnessed the ...