According to reports from the central government and reserve bank, there has been a huge reduction in gold import in the country. However, researchers state that due to many upcoming festivals and decrease in gold rate in international market are expected to decrease the gold rate considerably.
Due to few crisis situations, the central government has framed various restrictions for gold import. These restrictions eventually increased the tax for gold import by 10%. The government also wanted only 80% of imported gold to be used within the country. The remaining 20% were ordered to be exported to other countries.
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