IPFS News Link • Gold and Silver
Peak Smuggling: Indian Has 12 Gold Bars Removed From His Stomach
• http://www.zerohedge.com, by Tyler DurdenAs The BBC reports, and as we have noted before, India, the world's largest consumer of gold, has seen a record rise in smuggling after a rise in duty on imports of metal to curb the current account deficit.
Last year India's government hiked the import duty on gold three times to curb demand for the precious metal. Gold imports, which had peaked at 162,000kg in May 2013, came down to 19,300kg in November after the hike.