Skip to content
Search

Latest Stories

Election seizures in India slow Gold smuggling

INDIA'S gold smugglers have slowed their operations over worries their shipments will be caught up in seizures of cash, bullion, booze, and drugs that are aimed at controlling vote-buying in the country's national elections, industry officials said.

In India, political parties and their supporters often offer money or goods in exchange for votes. The Election Commission, which monitors the polls, tries to prevent this by setting up highway checkpoints to seize cash, gold, liquor and other high-value items that candidates avoid mentioning in their expenses due to a cap on the amount they can spend.


Last month in Mumbai, in one of the biggest seizures since the current election was announced on March 10, the Directorate of Revenue Intelligence seized 107 kilogram of gold, worth about £3.31million.

The slowdown in smuggling has boosted gold imports at banks in the world's second-biggest buyer of the precious metal, allowing them to charge a premium over global prices.

"After a big seizure in Mumbai, smuggling has gone down drastically. Grey market operators don't want to take the risk during the election period," Anantha Padmanabhan, chairman of All India Gem and Jewellery Domestic Council (GJC) said.

India's Election Commission as of April 14 has seized £278.68m in cash, liquor, gold, drugs, and other goods over the last month, more than double the £131.33m confiscated in the last election cycle in 2014.

The random checking of vehicles and seizures have made it nearly impossible for smugglers and other "grey market" operators to move cash and gold from one place to another, said the head of the bullion division at a Mumbai-based private bank.

"This is helping banks. Our gold business has improved in the last few weeks," he said.

Gold smuggling surged in India after the government raised the import duty to 10 per cent in August 2013.

Grey market operators - businesses that smuggle gold from overseas and sell it in cash to avoid the duties got a further boost in 2017 when India imposed a three per cent sales tax on bullion.

The grey market operators can sell gold at discounts to prevailing market prices as they evade paying the 13 per cent tax, said Harshad Ajmera, a gold wholesaler in Kolkata.

But this week, even in the cash market, gold was sold at the market price, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

Dealers were charging a premium of up to £1.91 an ounce over official domestic prices, the highest in nearly five months.

Up to 95 tonnes of gold was smuggled into India in 2018, according to the World Gold Council, although India's Association of Gold Refineries and Mints and other industry bodies put the figure at more than twice that.

Election Commission rules makes it mandatory for people to show valid documentation if they are carrying more than £551 in cash, or else it could be seized.

This rule has been hurting the jewellery industry, especially in rural areas where more than half of gold is bought in cash.

The limit of £551 is "too low for the jewellery industry" as even a small 20-gram (0.7-ounce) gold chain costs more than that, said Padmanabhan of GJC.

"Demand has fallen due to the cash restrictions. We have requested that the Election Commission raise the limit."

(Reuters)

More For You

ChatGPT

Matt and Maria Raine filed the case in the Superior Court of California on Tuesday

iStock

'ChatGPT encouraged him to take his life': Parents of Adam Raine sue OpenAI

Highlights:

  • Matt and Maria Raine have filed a lawsuit against OpenAI following the death of their 16-year-old son, Adam.
  • The suit claims ChatGPT validated the teenager’s suicidal thoughts and failed to intervene appropriately.
  • OpenAI expressed sympathy and said it is reviewing the case.
  • The company admitted its systems have not always behaved as intended in sensitive situations.

A California couple has launched legal action against OpenAI, alleging its chatbot ChatGPT played a role in their teenage son’s suicide.

Matt and Maria Raine filed the case in the Superior Court of California on Tuesday, accusing the company of negligence and wrongful death. Their 16-year-old son, Adam, died in April 2025. It is the first known lawsuit of its kind against the artificial intelligence firm.

Keep ReadingShow less
Musk pledges to back legal cases over child sexual abuse failures
Elon Musk (Photo: Reuters)

Musk pledges to back legal cases over child sexual abuse failures

US tech billionaire Elon Musk has said he will help fund legal cases against officials he believes turned a blind eye to child sexual abuse. His intervention follows a private investigation revealing that such abuse has occurred in 85 local authorities across Britain, reported the Telegraph.

Musk posted on X that he wants to “fund legal actions against corrupt officials who aided and abetted the rape of Britain,” referencing findings from an unofficial inquiry. He encouraged victims and their families to get in touch directly through the platform.

Keep ReadingShow less
england-flags-reuters

A Union Jack flag and England's flag of St George hang from a pedestrain bridge as a man walks past, in Radcliffe, near Manchester, August 22, 2025. (Photo: Reuters)

Reuters

Union Jack and St George’s Cross at centre of migration tensions

Highlights:

  • Flags more visible across England amid migration debate
  • Protests outside hotels for asylum seekers linked to flag displays
  • Councils removing some flags citing safety concerns

THE RED and white St George's Cross and the Union Jack have been appearing across England in recent weeks. Supporters say the move is about national pride, while others see it as linked to rising anti-immigration sentiment.

Keep ReadingShow less
Modi Vantara

Inaugurated last year by prime minister Narendra Modi, the sanctuary reportedly houses over 10,000 animals from 330 species, including tigers, elephants, Komodo dragons, and giant anteaters.

X/@narendramodi

India’s top court orders probe into Ambani family’s zoo project

INDIA’s Supreme Court has ordered an investigation into allegations of illegal animal imports and financial irregularities at Vantara, a private zoo run by Anant Ambani, son of Reliance Industries chairman Mukesh Ambani.

Vantara describes itself as the “world’s biggest wild animal rescue centre” and is located in Gujarat. According to India’s Central Zoo Authority, it houses more than 200 elephants, 50 bears, 160 tigers, 200 lions, 250 leopards and 900 crocodiles, along with other species.

Keep ReadingShow less
uk energy bill

Ofgem said the expansion added 1.42 pounds a month on average to all bills.

iStock

Millions to pay more as energy price cap increases

MILLIONS of households in Britain will see higher energy bills from October after regulator Ofgem raised its price cap by 2 per cent.

The new cap for average annual use of electricity and gas will be 1,755 pounds, an increase of about 35 pounds from the July-September level.

Keep ReadingShow less