'Tax raid stains India's gold industry'

'Tax raid stains India's gold industry'

 A raid by dozens of tax inspectors on RiddiSiddhi Bullions, one of India's biggest gold traders, this week has tarnished the reputation of an industry worth more than $70 billion a year and put at risk its access to funding, a bullion importers' group said.

"The jewellers' fraternity, be it small or big, is feeling disgraced that we've been made to look so negative," Mohit Kamboj, president of the Bombay Bullion Association, told a news conference in Mumbai on Friday.

Income tax officials this week swooped on about 50 offices of RiddiSiddhi Bullions, a leading gold importer.

The raid was part of a probe into financial transactions for suspected bogus imports and exports, said Swatantra Kumar Singh, director general of investigations at the tax department.

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