The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
The best way to curb gold demand is by reducing black money in circulation.
A downturn in Indian demand could hit global gold prices.
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.
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