gold smuggling

India's gold demand is projected to drop by 50-60 tonnes in 2026, a 10% decrease, following a significant import duty hike. The World Gold Council notes this could also boost unofficial gold inflows, a trend observed historically with higher duties. Consumer sentiment and economic factors will also play a role.

The move to up the gold import duty comes days after PM Narendra Modi appeals to citizens to avoid unnecessary gold purchases for a year. But is a hike in duties an effective way to curb consumption? We take a look:

Known as the 'Golden Thief,' 42-year-old Subodh Singh from Nalanda has gained infamy for allegedly masterminding daring gold heists from behind bars at Purnia jail. The authorities are on high alert after a brazen robbery occurred in Telangana, suspected to be orchestrated with the help of illicit communication tools.

Pune airport is witnessing a shift in smuggling trends as traffickers increasingly favor high-profit hydroponic weed over gold. Driven by higher potency and profit margins, smugglers are exploiting Pune's lower cargo traffic as a transit hub. Recent seizures highlight the growing problem, with authorities tightening scrutiny on customs agents and international links.

India has significantly increased import duties on gold and silver to 15% from 6%, aiming to curb rising imports and conserve foreign exchange amid the West Asia crisis. This move follows Prime Minister Modi's appeal for austerity and aims to ease pressure on the rupee and the country's balance of payments.

India is no stranger to austerity measures. Every time the country needs to tighten its belt, leaders seize the opportunity to present themselves as making sacrifices and sharing in the hardships of ordinary citizens