India will also launch a sovereign gold bond to lower physical demand.
Gold prices this year are higher than last year, and the goods and services tax is an additional burden for consumers
A veteran bullion analyst expects monthly import to average 50 tonnes till December.
Buying had been muted in the past few weeks.
Gold is currently trading at Rs 25,200 for 10 grams.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
Cashi Crisis: Day 9: Aaj ki Taaza Khabar!
From farmers to cement, steel, logistics, transportation and automobiles, the back-end is struggling to get going due to the liquidity crisis.
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