Scrapping bank notes disrupted gold smuggling: Reports
The government's move to scrap old ₹500 and ₹1,000 notes has started to disrupt cash-based gold smuggling and would benefit the official importers of gold in India, industry officials said. Adding that gold was traded at a discount because of smuggling for most of 2016, reports said the demonetisation will allow the government to charge a premium on local prices.