Unofficial imports of gold into India plunge 80% in 2020: World Gold Council

The council said the lower customs duty and recovering demand may allow official imports to gain strength at the cost of unofficial imports, although the 14.07% duty continues to make the grey market attractive. The new tax structure on gold announced in the Union Budget has reduced the total import duty on a gold bar (including basic customs duty, agriculture infrastructure and development cess, and social welfare surcharge) to 10.75% from 12.875% before the budget.

from Economy-News-Economic Times https://ift.tt/2ZNeDMC