India enacts law to enforce KYC norms for Gold purchase

``World's largest gold consumer India enacted a law making it mandatory for jewellers to collect a KYC (know your customer) document from every customer purchasing jewellery worth Rs 50,000... Indian authorities hope this move will eventually cut down gold imports which is responsible for country's staggering current account deficit'' -- Yeah its not like India could, say, produce stuff for the rest of the world to buy...