The hike in taxes on gold imports is retrograde. Taxes on gold, a high-priced commodity, reaching almost 19% breaches the arbitrage threshold where smuggling becomes profitable. A big gain of the 1991 reform was putting an end to gold smuggling, which financed malevolent mafias. It’d be imprudent to reverse that.
Hike in gold import tax reverses benefits of 1991 reform. It’ll make smuggling profitable again
ThePrint view on the most important issues.

Text Size:
Support Our Journalism
India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.
Sustaining this needs support from wonderful readers like you.
Whether you live in India or overseas, you can take a paid subscription by clicking here.