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India's gold tariff hike fuels smuggling revival, squeezes banks and refiners

India's decision to raise gold import duties to 15% is triggering a fresh surge in smuggling, as illegal operators exploit a widening price gap with the formal market. Industry participants estimate illicit gold inflows could top 100 tonnes this year, hurting legal imports, refiners and government tax revenues.

9 Jun 2026 3:39 pm