200 tonnes of smuggled gold to enter India this year: World Gold Council

KOLKATA: Smuggled gold in the country will be around 200 tonnes this year, according to World Gold Council (WGC). The demand for the yellow metal in the current year has been pegged at 850 -950 tonnes, and the major offtake of more than 500 tonnes is expected between July and December.

Talking to ET, Somasundaram PR, managing director, India, WGC, said, "With the upcoming wedding season and favourable monsoon, it's likely that the demand in the second half of the year will be normal. We expect annual demand to be 850-950 tonnes." On lowering of import duty on gold which is as high as 10 per cent, the WGC chief said, "We don't think that the new government will take any short-term measure and then again come up with measures to curb import."