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Gold smuggling may rise as festive buyers try to avoid new tax: Jewellers

Indian gold demand typically rises in the last three months of the year as consumers buy more for the wedding season as well as for festivals such as Diwali and Dussehra

Reuters  |  Mumbai 

Gold smuggling in India, the world's second-biggest consumer of the metal, is likely to rise during the country's peak holiday season as buyers try to avoid paying a new sales tax and to dodge new transparency rules. In August, India moved to include gold sales under the Prevention of Money Laundering Act (PMLA). The law makes it mandatory for jewellers to keep records of customers' personal identification numbers or tax code number for transactions above Rs 50,000. Indian gold demand typically rises in the last three months of the year as consumers buy more for the ...

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First Published: Wed, September 27 2017. 15:55 IST
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