“The third increase in import taxes on gold this year by India, the world’s biggest user, is set to boost smuggling ahead of the festival and wedding seasons as official imports halt on central bank curbs, a trade group said. Poor Indian laborers working in the Middle East are acting as couriers for organized gangs in return for a ticket home and a few thousand rupees, according to Rishi Yadav, assistant commissioner at the Mumbai customs department’s Air Intelligence Unit. The gangs seek to benefit by selling that smuggled bullion to traders and mom-and-pop jewelry stores, who benefit from cheaper supplies.”

http://www.bloomberg.com/news/2013-08-13/india-gold-tax-increase-festival-demand-seen-spurring-smuggling.html

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