India smugglers, and their bodies, take a break from gold

Section:

By Swansy Afonso
Bloomberg News
Wednesday, February 11, 2015

MUMBAI, India -- In the two years since India took steps to pare gold imports, people used all sorts of tricks as the smuggling business boomed -- from simply tucking the metal under a turban to jamming it up their rectums.

That illegal trade, though, is fading now.

Premiums have evaporated for black-market bullion valued at about $8 billion last year, industry data show. That's because the government has begun easing import curbs that in 2013 knocked India from the top spot among gold buyers. In a country that accounts for a quarter of world demand, legal transactions are recovering, with annual purchases from overseas poised to jump 50 percent. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-02-11/india-smugglers-and-th...



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