“The world’s biggest gold importer has been trying to get its population to buy less of the metal.  Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike.  ‘The shipment was the highest in 18 months and clearly undermined the government’s efforts to cap imports. A purchase of 100 tonne in one month is 40% more than the monthly average. This has got the government worried once again,’ said Baijal Pushpesh, bullion retailer.”

http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=178464&sn=Detail

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