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"The government's revenue will increase, but imports won't diminish, " said Mohit Kamboj, president of the Bombay Bullion Association.
BBC: India raises gold import tax to tackle trade deficit
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For six months he spent every Saturday evening with Suresh Hundia, president of the Bombay Bullion Association, to understand the gold market.
FORBES: Magazine Article
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This currency swing significantly impacted Indian gold imports, which dropped 56 percent in the fourth quarter, according to data from the Bombay Bullion Association.
FORBES: Competitive Currency Devaluations Support Higher Gold Prices
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Suresh Hundia, president emeritus of the Bombay Bullion Association, said that the change in base rate would only have a marginal impact on local prices of the gold.
WSJ: India Gold Imports Become Expensive
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Mohit Kamboj, President of the Bombay Bullion Association says he does not think this hike in gold import duty will affect a consumers appetite for gold, even if it means a gold bracelet may cost a little bit more.
CNN: India spent $56 billion for their gold?