India Gold Tax Increase, Festival Demand Seen Spurring Smuggling

India Gold Tax Increase, Festival Demand Seen Spurring Smuggling

Kuni Takahashi/Bloomberg

Shoppers look at gold jewelry at the Suri Ratna jewelry shop in Mumbai. The tariffs on gold and platinum imports were increased to 10 percent from as low as 4 percent at the start of the year, while the levy on silver was boosted to 10 percent from 6 percent, the Ministry of Finance said yesterday.