Finance Minister Nirmala Sitharaman on June 9 said that as much as 3.4 metric tonnes of gold confiscated through smuggling was refined by the Security Printing and Minting Corporation of India Limited (SPMCIL) and subsequently handed over to the Reserve Bank of India (RBI) in 2024–25.
“In 2024–25, 3.4 metric tonne [MT] of such gold was delivered to RBI,” Sitharaman said, while inaugurating the new corporate headquarters of SPMCIL in New Delhi. "All gold confiscated through smuggling is now refined and purified by SPMCIL and handed over to the RBI,” she added, highlighting how the government is formalising the recovery and utilisation of smuggled gold.
According to data compiled by enforcement agencies and reported by Moneycontrol, authorities seized 4,869 kg of smuggled gold in 2023–24, with the Myanmar border emerging as a major trafficking route.
The Directorate of Revenue Intelligence (DRI) and Customs have stepped up operations to curb illicit inflows, but large-scale seizures continue, pointing to persistent challenges in controlling cross-border smuggling. The government's move to have SPMCIL refine and hand over the recovered gold to the RBI ensures that smuggled assets are effectively channeled into the formal economy.
The Finance Minister’s remarks come at a time when the government is placing renewed emphasis on plugging economic leakages and leveraging seized assets productively. Gold smuggling continues to erode legitimate trade channels and tax collections.
By formally integrating seized gold into the central bank’s reserves and streamlining its monetisation, the move not only deters illegal trade but also strengthens the government's gold reserves.
Navaratna status to SPMCIL
Sitharaman also noted the improved performance of SPMCIL, which handles banknote printing and coin minting operations across the country. “In the last financial year, SPMCIL has produced 1,200 crore bank notes,” she said, emphasising its scale and operational capacity.
She praised the professional turnaround of the public sector unit, recalling that “SPMCIL in 2016–17 paid back all its loans.” For the financial year 2023–24, the company declared a dividend of Rs 364 crore. “SPMCIL is now being run professionally. In the right scheme of things, it might be right to consider it to become a Navratna,” the finance minister said.
Currently, SPMCIL is categorised as a Schedule 'A' Mini-Ratna CPSE (Central Public Sector Enterprise). The Navratna status would grant it enhanced autonomy, especially in capital investment and joint venture decisions, provided it meets specific financial and performance criteria.
Focus on infrastructure
Addressing broader administrative priorities, Sitharaman also flagged infrastructure challenges faced by field offices, including revenue and enforcement units. “For all field formations including revenue, we are looking at residential accommodation capacity increase as a priority,” she said, acknowledging the need for improved working and living conditions for government officials.
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