“An estimated quarter of the gold flowing into India is coming through irregular channels given the ‘anti-gold’ stance adopted by the government of one of the world’s leading gold markets‚ Philip Klapwijk‚ global head of metal analytics at GFMS Thompson Reuters. ‘You have a government that is clearly anti-gold in India and it is using the duty system to try hold back demand‚’ he said. In January the government raised the duty on gold imports to 6% from 4%. ‘What this is doing is stimulating the smuggling of gold into the country. It may be that at least a quarter of the gold coming into India is coming through unofficial channels‚’ he said.”
http://businessnews.howzit.msn.com/article.aspx?cp-documentid=253295602
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