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Big Business for Gold Smuggling in India Print E-mail
by Tom McGregor    Thu, Mar 13, 2014, 09:28 PM

Many people in India love to purchase gold for financial security.

According to the BBC News, "Indians traditionally hoard gold in the belief it will bring financial security. Now India, the world's largest consumer of gold, is seeing a record rise in smuggling, reports Shantanu Guha Ray. An estimated 700kg of gold is smuggled into India every day."

The Indian government has imposed stern measures against the illegal buying of gold.

As reported by the BBC, "Officials at India's Financial Intelligence Unit (FIU) say the country has not seen such a sharp rise in contraband gold for two decades. They claim smugglers are using innovative ways to bring in the metal illegally."

A dramatic rise on the import duty of gold jewelry has sparked an onrush of gold smuggling.

To read the entire article from the BBC News, link here:

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