GST effect? Gold import to nosedive in June after reaching 2-yr high in May

Reason for high import was that traders wanted to replace gold that was not earlier shown on books

Gold import in May reached nearly a two-year high level at $4,958.6 million. In terms of quantity, it was estimated at 122 tonnes, the highest after March 2015. According to the data provided by the commerce ministry, gold import in May was the highest after August 2015, when it was $4,958.7 million.

 
The reason for the high import is that traders wanted to replace gold that was not earlier shown on the books ahead of the goods and services tax (GST). Once that is done, jewellers are in a hurry to sell jewellery ahead of the GST. That is also