......Indian demand for gold is inelastic which means the price, whether high or low, is immaterial to the demand/consumption of commodity. About 800 tonnes or more of gold— whether priced $2000 per troy oz or $1000 per troy oz, will land in the country somehow. Since the 10% duty fosters an arbitrage through grey channels, more imports will be unofficial than official. So, the administrative steps may appear logical but curbing imports has initiated large-scale smuggling of gold. Therefore, national wealth will not be accounted correctly in the country’s balance sheet.........
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