Surendra Mehta
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Related Articles from SNS
Cheaper gold by Rs 10 lakh - 15% import duty prompts smuggling wave in India
The government's recent hike in gold import duty has fuelled a surge in smuggling, with illicitly imported gold reportedly being sold at discounts of up to Rs 10 lakh per kilogram, creating a significant price gap with legally imported bullion. According to industry participants cited by ET, gold brought into the country through unofficial routes is currently available at a discount of Rs 8-10 lakh per kilogram when compared current domestic market prices. Much of this gold is said to come...