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Gold smuggling on the rise

Official imports well below estimate of unofficial quantities entering the country; trade says duty rates need to be cut

Rajesh Bhayani  |  Mumbai 

Since February, import of gold for domestic consumption (as opposed to that done for export, after value addition) has taken a big hit. That is, through official channels; ‘unofficial’ imports have increased significantly. Officially imported gold is sold at a discount, of 2.5 per cent. A discount indicates a lack of demand at the price; the various measures requiring compliance and disclosure has meant a shift in the official trade to those dealing in unofficial gold. For the past five months, the price of gold in India has been quoted at a discount. In February, this was ...

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Gold smuggling on the rise

Official imports well below estimate of unofficial quantities entering the country; trade says duty rates need to be cut

Official imports well below estimate of unofficial quantities entering the country; trade says duty rates need to be cut Since February, import of gold for domestic consumption (as opposed to that done for export, after value addition) has taken a big hit. That is, through official channels; ‘unofficial’ imports have increased significantly. Officially imported gold is sold at a discount, of 2.5 per cent. A discount indicates a lack of demand at the price; the various measures requiring compliance and disclosure has meant a shift in the official trade to those dealing in unofficial gold. For the past five months, the price of gold in India has been quoted at a discount. In February, this was ... image
Business Standard
177 22

Gold smuggling on the rise

Official imports well below estimate of unofficial quantities entering the country; trade says duty rates need to be cut

Since February, import of gold for domestic consumption (as opposed to that done for export, after value addition) has taken a big hit. That is, through official channels; ‘unofficial’ imports have increased significantly. Officially imported gold is sold at a discount, of 2.5 per cent. A discount indicates a lack of demand at the price; the various measures requiring compliance and disclosure has meant a shift in the official trade to those dealing in unofficial gold. For the past five months, the price of gold in India has been quoted at a discount. In February, this was ...

image
Business Standard
177 22