Everyone knows that the Reserve Bank has the largest gold reserves in the country. But you know that in the last financial year, the RBI got 5.5 tonnes of gold free. Surprisingly? Not only that, the RBI did not have to spend a single money to buy the gold.

Talking about the price, the market value of this gold is said to be around Rs. The question is, where did the Reserve Bank get billions of rupees of gold free? Finance Minister Nirmala Sitaraman has now disclosed this.

Disclosure of Finance Minister

Finance Minister Nirmala Sitharaman has said that 1.5 metric tonnes of gold has been handed over to the Reserve Bank in this financial year. The gold was caught in smuggling in the country and has now been handed over to the RBI. The Finance Minister revealed at the inauguration of the new headquarters of SPMCIL of the organization, which is monitoring the gold smuggling.

The Finance Minister said that after the purification and purification of the smuggled gold, the SPMCIL has handed it to the Reserve Bank. He said that the government uses smuggling gold for the benefit of the country.

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How many kilos of gold was seized in smuggling

According to information received from government institutions, the officers seized about 1,949 kg smuggled gold in the financial year of 2-3 years. The biggest way of smuggling is the Myanmar border. The Revenue Intelligence Director (DRI) and Customs have jointly taken the action against smuggling.

Both these organizations seize smuggled gold on the border and hand it over to SPMCIL. SPMCIL makes the gold purification and purification and entrusts it to the Reserve Bank. Thus, smuggling gold also joins the economy.

Why smuggling of gold

The finance minister said that gold is illegally brought to the country to avoid tax. The government is taking strict action against such financial leakage and the property to it is also being seized. The seized gold is handed over to the Central Bank for currency. This not only helps prevent illegal trade but also strengthens the government’s gold reserves.

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What exactly is Spmcil’s work?

The government is planning to give Spmcil status the status of Navratna Company. This company not only works for gold purification but also prints and produces coins. In the last financial year, SPMCC printed bank notes worth around Rs. The company is now profitable and has also given a dividend of Rs 2 crore in the last financial year. Currently, the company has a mini-gem status and as soon as it expands, the company will also get the status of Navratna.