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Home / Metal News / Barclays: Gold smuggling in India not to slow down on import restrictions

Barclays: Gold smuggling in India not to slow down on import restrictions

iconJul 21, 2014 13:55
Source:SMM
Gold smuggling into India continues as import restrictions, meant to combat the current account deficit, remain in place, said Barclays.
INDIA July 21 2014 9:39 AM
 
MUMBAI (Scrap Register): Gold smuggling into India continues as import restrictions, meant to combat the current account deficit, remain in place, said Barclays. 
 
Barclays cited a news that the Directorate of Revenue Intelligence has been given the task of investigating smuggling through select airports. 
 
Barclays does not think that smuggling will slow down in the near term, as the Indian government chose to keep import restrictions unchanged in the recent fiscal budget.
 
The restrictions could be eased later this year, but this is not likely until a concrete improvement in the current account deficit becomes evident.
 
Meanwhile, Chinese demand – as reflected by trading volume on the Shanghai Gold Exchange – has been steady, with the rolling monthly average remaining stable, Barclays concluded.
 
Barclays
India gold smuggling

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