BusinessPhoto: Business StandardIndia's Illegal Gold Imports Surge After Tax Hike in Q3 2023
India's illegal gold imports soared to 50 metric tons in the third quarter of 2023, a 1,500% increase from 3 tons a year earlier, driven by a government duty hike. The World Gold Council reported that informal shipments, often through smuggling or small personal imports, rose as import levies doubled to 15% to curb gold purchases amid a rising trade deficit. Gold remains culturally significant for celebrations and weddings.
Business Standard·


