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"
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, industry experts say, rather than promote transparency and dent demand.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop