India Gold Import Duty Smuggling
The hike in gold import duty to 15% will spur the grey market and smuggling activities.
Too little corroboration in the last 3 days to call a trend (4 articles). Watching for it to gain traction.
"The gold grey market is already active was the buzz in Saraf Bazaar, where Vijayanand, Ankit and at least three other traders voiced fears of a rise in precious metal smuggling."
"Dealers also worried that the higher duty could lead to more gold smuggling, as profit margins for grey market operators rose to about 18% from 9%, according to a dealer in Chennai."
"The volumes might get impacted by 10-15 per cent, but value wise it will remain at a higher level."
"What the industry fears is that this will give rise to grey market… smuggling is likely to grow, setting up a parallel economy in the country."