India’s widespread crackdown on black market cash could lead to a ban on gold imports, if a text sent by the Indian Bullion Jewellers Association (IBJA) is to be believed.
The trade body sent its 2500 members a text message informing them the government was hearing proposals on a possible gold ban.
“We hear from certain circles of this possibility (gold import ban and advancement of deposit date) though nothing official is out yet,” according to Surendra Mehta, national secretary, IBJA. “The association is supportive of the government’s fight against black money and has informed its members of the possibility of such action. We have asked our members to support the government wholeheartedly.”
The government is going after not only imports, but also information held by the nation’s jewellers. “Already, 600 jewellers have received notices from the tax department to disclose their sales till November 8. We are aware that certain