If you try and BUY #Foreign Currency in the Black, that spread that used to be 2-3%, will now become 10% possibly
Unused Balances of Loaded Forex Cards will Go at a Premium of 10-12%
Unused Balances of Loaded Forex Cards will Go at a Premium of 10-12%
This REMINDS me of what happened in GOLD SMUGGLING in India post June 2022 when @nsitharaman decided to Raise IMPORT duty on GOLD to 12.5% from previous levels of 7.5%
Now the Total #Tax on GOLD becomes almost 18.45%.
As soon as this #GOLD Import DUTY hike got announced, #WorldGoldCouncil published - report saying that #GOLD #SMUGGLING will EXPLODE since it becomes very profitable to BUY in Black vs Formal which is 15% More Expensive
As soon as this #GOLD Import DUTY hike got announced, #WorldGoldCouncil published - report saying that #GOLD #SMUGGLING will EXPLODE since it becomes very profitable to BUY in Black vs Formal which is 15% More Expensive
Back in 2016, the GOVT RAISED the #PAN Requirement for #GOLD & #jewellery purchase from INR 50k to INR 200k. The limit for Mutual Funds, Insurance, Cash Deposits etc is INR 50k. Why will they RAISE the LIMIT on GOLD & JEWELLERY ago INR 200k
This is just a view. It sounds logical to me. If my understanding is wrong, am happy to be corrected.
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