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Indian Gov May Cut Gold Import Duty To Arrest Smugglers

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India is expected to reduce the duty of importation on gold to cut down on smugglers who offer huge discounts on illicit imports after COVID-19, degrading the market shares of refiners and banks industry and government officials have told Reuters.

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A reduction in the import duty of the second-largest consumer in the world can boost retail sales by making gold more affordable in advance of the peak demand seasons and help to increase global prices.

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It may also help revive operations at refineries that are based in the United States, which have seen their sales decline in the last two months because they're not able to compete with grey market operators.

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