India's gold tariff hike fuels $14bn smuggling surge risk
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India's recent increase in gold import duties has triggered a surge in smuggling, reversing previous declines. Smugglers exploit the 18.45% tax gap to earn over $26,000 per kilo, offering discounts legal importers cannot match. This illicit trade is projected to reach $14.35 billion by 2026, potentially costing the Indian government $2.65 billion in lost tax revenue.
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