Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
A veteran bullion analyst expects monthly import to average 50 tonnes till December.
The gold market has remained under pressure.
Buying had been muted in the past few weeks.
The rise was due to a sharp fall in prices, which spurred demand.
Gold import in the December quarter is estimated to come down.
Marriage season will end in the next two months and import growth is likely to taper off
BSE proposes two models for making gold trading and investment transparent
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
In the second half of April, the discount on gold came down to $3 an ounce.
By December 2015, the total imports will touch 1000 tonnes.
Gold import this financial year is estimated at 945 tonnes.
Gold is currently trading at Rs 25,200 for 10 grams.
Experts advise investors to buy at lower levels in the next few months and sell at the higher end of their range in the second half, reports Rajesh Bhayani.
The price of gold in India seems to have bottomed out.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
For the year as a whole the price is expected to average $1,270, which compares with the year-to-date average of $1,289.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
November IIP data show a fall of over 20%, led by automobiles, gems & jewellery and home appliances; turnaround seen as unlikely.
Silver is emerging as a stronger bet for the long-term.
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.
Key to Modi's plan will be the interest rates offered for gold deposits.
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