Surging gold prices in India are keeping customs officials on their toes. Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September.
Gold Smuggling
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Union Budget 2019 India : Duty Hike May See Gold Smuggling Rise
Gold Silver Reports (GSR) – The 2.5% hike in customs duty on gold and precious metals proposed by Nirmala Sitharaman may see a rise in smuggling and illegal sale of the yellow metal. Traders last week had rued that the quantity of smuggled gold sold in the black market was rising due to skyrocketing prices.