Exclusive: Indian April gold imports fall to near 30-year low as tax demand hits shipments

India's April gold imports plunged to about 15 metric tons — the lowest April level in roughly 30 years — after banks, the main importers of refined gold, halted shipments when customs began demanding a 3% integrated goods and services tax (IGST). The stoppage follows a delay in formal government authorisation for bank bullion imports. The drop from a monthly fiscal-year average of ~60 tons (35 tons in April 2025) reduced estimated April import spending to roughly $1.3 billion versus a prior average of $6 billion, with around 8 tons parked in vaults. The disruption could weigh on global gold prices and reflects policy efforts to curb imports and support the rupee.