Gold smuggling into India has spiked forward of key festivals, authorities and business officers instructed Reuters, in response to record-high costs and a provide crunch.

Smuggling of gold into the world’s second largest purchaser of the valuable metallic had fallen after the federal government slashed import taxes on it to six% from 15% final yr.

However, Customs and Directorate of Revenue Intelligence (DRI) officers stated smuggling has elevated in current weeks, with a number of makes an attempt foiled at a number of Indian airports.

Gold smuggling into India has spiked forward of key festivals, authorities and business officers instructed Reuters, in response to record-high costs and a provide crunch. AFP by way of Getty Images

Bringing gold into India…



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