“The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than 500,000 rupees by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.  India has been trying to curtail shipments of gold, the second-biggest import bill after crude oil, as it seeks to curb a gaping trade deficit. The country last year raised import duty to 10 percent and tied gold imports to jewellery exports. As a result, jewellers have been forced to depend on recycled or smuggled gold to meet demand.”

http://in.reuters.com/article/2014/01/15/india-gold-idINDEEA0E0CB20140115

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