Finance Minister Nirmala Sitharaman said that in FY 2024-25, the Security Printing & Minting Corporation of India Limited (SPMCIL) refined 3.4 metric tonnes of gold confiscated through smuggling and sent it to the RBI. Earlier, confiscated smuggled gold was sent to the SBI for auction. However, such gold is now refined and purified by SPMCIL and sent to the RBI.