Local press in India reported Sunday that some observers believe a big step is coming in import policy. Potentially including a complete ban on new shipments of gold into the country.

Holders of "black money" small bills have apparently been trying to wash their cash by trading it for bullion. With reports suggesting gold sellers have been reaping big profits from this desperation -- charging up to 67% premiums to market price for gold when buyers pay in small bills.

As the IBJA explained, "We are aware that certain members of the trade are importing gold only to sell the same against old notes at a hefty premium. So, if the government wants to stop this malpractice it might consider a ban on imports."