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IPMI and Industry News: Industry News

Gold Smuggling Increasing in India

Thursday, August 8, 2019   (0 Comments)
Posted by: Lane White
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Smugglers make hay as Indian govt hikes import duty on gold

With the Indian government jacking up import duty on gold, smuggling of the yellow metal from Persian Gulf countries, Singapore and Malaysia is in full swing. Ever since customs duty on the precious metal was raised from 10 per cent to 12.5 per cent on July 5 in a desperate attempt to narrow the fiscal deficit, not a day passes without the arrest of gold-runners by eagle-eyed officials at one airport or the other in the country. - Connected to India 08/08/2019

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