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India plans to cut gold import duty to arrest smuggling
India plans to cut gold import duty to arrest smuggling
India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators.
India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators.
India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators. 
