"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

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

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