Five-time jump in gold smuggling; seizure worth Rs 1,120 cr

A total of 4,400 cases of gold smuggling have been registered in the country during 2014-15. About 4,480 kgs (4.48 metric tonnes) of the precious metal valued at about Rs 1,120 crore was seized in these cases, a senior official in Directorate of Revenue Intelligence (DRI) said.

DRI officials feel the demand will push further import of gold into the country during the fiscal.

"There is still a big demand-supply gap as far as people's love for gold is concerned which might give rise to higher import of gold," he said.

Five-time jump in gold smuggling; seizure worth Rs 1,120 cr