But according to Somasundaram P.R., regional CEO, India, World Gold Council, high taxes in India-particularly at a time when gold prices have seen historic highs-makes smuggling lucrative. "I believe that high import duty is counterproductive to the steps being taken to make the gold market in India more transparent," he says.
Excerpts from an interview:
Q/ India is the second largest consumer of gold jewellery. What reforms are needed in the market?
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