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Commodities Briefing - Categorized | Bullion/Gold, Market Moves, Trading more

India’s gold traders on edge as PM Modi fights ‘black money’

Posted on 17 November 2016

Some Indian gold traders are placing bulk, short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against ‘black money’, traders and jewellers said.
India is the world’s second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don’t appear in any official accounts………………………………………..Full Article: Source


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