Round-tripping of gold estimated at 114 tonnes till October 2018

According to GFMS analysis, direct imports by exporters have jumped to 164 tonnes in 2018 so far, as compared to just 12.2 tonnes in the previous year

Despite the government's ban on export of items made of gold above 22 carat in August last year, round tripping is still prevalent. In the first 10 months of 2018, 114 tonnes of gold is estimated to have been exported under round tripping — process of exporting gold jewellery, usually to the same group company, who melt it and convert it into gold bars. These bars are then imported by India without much benefit to country's export basket.
 
Jewellery exports, 24 carat gold coins, were largely routed for round tripping. To prevent this, the Centre scrapped the nominated agency