Stalled: The Gold Rush
Jan 22, 2021
New Delhi [India], January 22 (ANI/Mediawire): We Indians love gold. We like wearing it, we like keeping it, we like gifting it. If estimates are to be believed, Gold reserves held by households and religious temples in India is anywhere between 25,000-30,000 tonnes, much of it passed down through generations. So, it's only natural that India has been one of the gold capitals of the world, with almost a third of all of the world's gold passing through its borders. According to a report by IMPACT, India is importing approximately 1,000 tonnes of gold per year -- a quarter more than what official figures indicate. A spike in smuggling of gold is being attributed to the government's decision to increase the import duty of gold in July 2019 from 10 percent to 12.5 percent.