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Indian gold and silver imports double despite sky-high prices to beat higher duties at month-end
India's gold and silver imports nearly doubled from August to September despite record-high prices, according to trade and government sources. Banks and jewelers raced to build up inventories this month ahead of festivals and expected higher taxes on imports at month-end. "Jewellers and banks have been clearing a lot of gold from customs over the past two weeks,” an anonymous government official told Reuters. "We haven't seen such a rush in years." He added that the government is expecting even higher clearance on the last day of the month, ahead of the likely increase in the base import fees on both gold and ... (full story)
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