Boom in legal gold smuggling by Indian expatriates from the UAE replacing official imports « ArabianMoney:
"On paper imports of gold into India this year are dramatically down due to penal tax rates of 10 per cent. But in reality the gold is still getting into the country by a perfectly legal backdoor: expatriate Indians returning after more than six month’s absence are legally permitted to bring in one kilogram of the precious metal.
Eighty passengers on a Dubai to Calicut flight brought 80 kilograms of gold, an Indian newspaper reported last week week. They still have to pay import duty in convertible foreign currency of six per cent per cent ad valorem plus a three per cent tax. But that still leaves a tidy profit on an AED142,250 kilo bar."
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