Gold smugglingNormally, gold is smuggled into India, the world’s second-largest consumer of the precious metal, viewed by many of the Hindu faith as sacred. India’s Department of Economic Affairs had argued against it, saying that the move might become a conduit to offload black money. Authorities said that they believe, in some cases, temple heads agreed to deposit the old notes into their bank accounts and return new notes to the donors — taking hefty commission fees in the process. Indians have until Dec. 30 to exchange their old currency for new notes legally. Read more:India’s ATMs are running out of cash and people are furiousIndia’s currency changes caused a gold rush last week.

Source: Washington Post November 25, 2016 13:52 UTC