A downturn in Indian demand could hit global gold prices.
Prices of buffaloes and cattle have fallen by 20-30%.
Rural slowdown may delay growth in the economy.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
The country has produced a record harvest, but many farmers in the onion bowl of Maharashtra have lost a large share of their crop damaged in storage, adding to the country's inflation woes.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
Monsoon rains are vital for 55 per cent of the country's farmlands that lack irrigation facilities.
The govt is increasing the duty to 15 per cent from the existing 10 per cent.
A govt report on Wednesday recommended reining in gold imports to curb deficit.
Prices have more than doubled in three months.
Though retail demand was weak, jewellers were restocking for Pongal festival.
It was trading around Rs 30,638 per 10 grams, the lowest since August 30.
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