Kerala gold merchants push Centre for recycling policy, bullion banking over duty hikes
Kerala Gold and Silver Merchants Association urges New Delhi to unlock 25,000-30,000 tonnes of household gold via recycling and bullion banking. Trade warns the 6%-to-15% import duty hike fuels smuggling worth ₹20 lakh profit per kg, while India pays ₹12 lakh crore annually to import 800 tonnes.
Kerala gold merchants urge government to adopt gold recycling policy and bullion banking rather than raising import duties, warning the 15% duty encourages smuggling and citing India's 25,000-30,000 tonnes of domestic household gold holdings.