Gold's own country: India's booming smuggling sector
The Morning Brief
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The Government's Role in Curing the Unofficial Gold Trade
10-15% of the people who think they are getting a cheap gold because there is no bull, probably will be getting highly impure gold. The government has already rolled out compulsory hall marking of gold and launched sovereign gold bonds as an investment option. A former revenue secretary said he didn't agree that smuggling is higher because of higher import duty. And high import duty had its own benefits on the macros. These measures can go a long way in curbing the unofficial trade in gold. You and me too have a role to play and a reason to benefit by refusing to buy gold without a receipt.
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