NEW DELHI: Financial intelligence agencies are alarmed by the steep and sudden fall in gold imports recorded for June, suggesting large-scale smuggling of the yellow metal since import duty was increased from 6% to 8%. Gold imports fell by 80% from 160 tonnes in May to only 31 tonnes in June barely a month after the new import duty for gold, RBI curbs on banks and government ban on sale of gold coins and bars came into force.
While statistics look promising for a yawning current account deficit (CAD) contributed significantly by India's love for gold, agencies warn that dip in imports does not reflect a dampening demand and thus large amounts of gold are being smuggled.
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