Finance Minister Nirmala Sitharaman has announced that 3.4 metric tonnes of smuggled gold were refined and transferred to the Reserve Bank of India (RBI) in FY 2024–25, marking a significant step in formalizing seized assets.
🔴 Key Highlights:
- Authorities seized 4,869 kg of smuggled gold in 2023–24, with the Myanmar border emerging as a major trafficking route.
- The Security Printing and Minting Corporation of India Ltd (SPMCIL) refined the confiscated gold, ensuring it met global purity standards before handing it over to the RBI.
- Previously, smuggled gold was auctioned by SBI, but the government now integrates it into RBI’s reserves, strengthening India’s financial stability.
- SPMCIL also refines silver and gold received from religious institutions, including Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board.
📢 Sitharaman’s Statement:
“All gold confiscated through smuggling is now refined and purified by SPMCIL and handed over to the RBI. This ensures that seized assets are effectively channeled into the formal economy.”
⚠️ Strategic Impact:
- The move deters illegal gold trade, reinforcing India’s crackdown on smuggling networks.
- Strengthens RBI’s gold reserves, contributing to economic stability and monetary policy.
👉 What do you think? Will this policy help curb gold smuggling in India? Drop your thoughts in the comments!
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