IRS Officers Opt for VRS Amidst Declining Financial Frauds

In the past decade, 853 Indian Revenue Service officers have chosen voluntary retirement. The Finance Minister revealed that gold seizure and financial fraud cases have shown a decline over recent years, while gold smuggling continues to challenge authorities, notably at Kerala airports.

A staggering 853 Indian Revenue Service (IRS) officers have taken voluntary retirement in the past decade, according to information presented in Parliament on Monday. This significant figure includes 383 officers from the Income Tax branch and 470 from the Customs & Indirect Taxes division. Minister of State for Finance, Pankaj Chaudhary, provided these insights in a written reply to the Lok Sabha.

The minister highlighted a pressing issue faced by Customs and the Directorate of Revenue Intelligence (DRI) — gold smuggling at Kerala airports. From FY20 to FY25 (up to October 31, 2024), an eye-catching 2,746.49 kg of gold has been seized. Following due procedures, the seized gold is disposed of systematically, ensuring legal obligations are met.

Chaudhary also reported a notable decline in financial fraud cases in commercial banks and financial institutions across India. According to RBI data, there's been a significant decrease in fraud amounts—from Rs 9,298 crore in 2021-22 to Rs 3,607 crore in 2022-23 and further down to Rs 2,715 crore in 2023-24—indicative of improving financial oversight.

(With inputs from agencies.)