CryptoWorld News reports that India's gold imports are expected to drop to about 15 tons in April, the lowest monthly level in nearly thirty years (excluding the COVID-19 pandemic period in 2020). Industry and government sources say banks have been hit by unexpected tax recoveries, leading to a significant decline in imports, which could put pressure on global gold prices. Suresh Mehta, secretary of the India Gold and Silver Jewelry Association, stated that since Indian customs began levying a 3% Goods and Services Tax (GST) on gold, most banks that import refined gold into India have halted shipments. The sources say that India's imposition of GST on gold, combined with the previous delay in authorizing banks to import gold bars, may be aimed at slowing gold imports to help narrow the trade deficit and support the Indian rupee — which has been one of the worst-performing currencies in Asia so far this year.