The sale of luxury goods in India has reportedly taken a plunge since the start of the year when the government required retailers to record the customer’s tax identification number for cash purchases of more Rs200,000 ($3,000).

As reported by The Financial Times, the impact on Ethos Watches, a luxury watch retail chain with 45 stores, was immediate: sales plunged 60%. Before the new rule, 45% of the company’s sales were of Swiss timepieces worth over 200,000 — often bought with suitcases ful...

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