Illegal gold imports in India reach highest level since 2023
A surge has been observed in the informal bullion market following the government's decision to increase import duties on gold and silver.
By Capital Kranti desk, Gandhinagar · Editor: Parth Thakkar
3 November 2026, 12:36 pm · 1 min read
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According to a report by Business Standard, illegal gold imports in India have reached the highest level since 2023. A major surge has been observed in the informal bullion market in the world's second-largest gold consumer country.
The primary reason behind this increase appears to be the government's decision to raise taxes. Earlier this year, the government significantly increased the import duty on gold and silver, resulting in more than a twofold increase in the tax on these quantities.
Currently, the import duty on gold and silver has been kept at 15%. Due to this increase in tax, informal gold transactions and its imports are being observed to rise in the market.
This report suggests that changes in the tax structure have led to an increase in activities to bring in gold illegally instead of through legal channels, which is affecting the scope of the bullion market.
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