90% of South Korea gold imports by two business groups

India's comprehensive FTA with Korea came into effect in 2010

Only two entities have together imported close to 10,000 kg of gold from India's free trade partner of South Korea since July, after implementation of the goods and services tax (GST).

These imports in the form of coins and medallions have surprised the government, which is now examining ways to impose interim restrictions.

Of the total of 11,000 kg imported from July 1 to August 9, around 90 per cent has been brought in by two business groups which have taken advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea, say government sources.

One of the two