The Indian government is seriously contemplating slashing import duty on gold, setting up a gold council and bringing out an integrated gold policy even as the country is witnessing an alarming rise in smuggling of yellow metal.
With seizures of contraband gold day after day in the past few weeks, speculation is rife in commodity circles that the customs duty will be drastically cut from 10 per cent to 4 per cent in the none-to-distant future as part of the February Vote-on-Account and upcoming general elections.
Bhadresh Prajapati says the gold council will also have jewelry artisans. (Supplied)
Indians have an immense appetite for gold. (Supplied)