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New Indian rule backfires, boosts unofficial gold trade

If rule fails, it will thwart Modi's efforts to curb imports and stop the metal from being used to hide "black money"

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India has made it mandatory for customers to disclose their tax code, or Permanent Account Number, for gold purchases above 200,000 Indian rupees (S$4,200) from Jan 1.

Mumbai

TRY as it might, the Indian government appears to be unable to curb the country's love for gold.

Its latest attempt - a rule forcing buyers of high-value jewellery to disclose their tax code - has boosted unofficial trading in the world's second-biggest gold consumer,

sentifi.com

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