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

Kannada actress Ranya Rao is set for release from jail after completing a year of preventive detention under the COFEPOSA Act. Arrested in a Rs 102 crore gold smuggling case, her release was delayed despite earlier bail. The case involves alleged hawala transactions and links to the film industry and police department.

Kannada actor Ranya Rao has been released from prison after completing her one-year detention under the COFEPOSA Act. She was arrested in March 2025 for allegedly smuggling 14.2 kilograms of gold at Kempegowda International Airport. Investigations revealed a larger operation involving 127 kilograms of smuggled gold, leading to a Rs 102.5 crore penalty.