No plan to lower gold import duty : Govt

29-July-2014
No plan to lower gold import duty : Govt

New Delhi : India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10 percent import duty on gold, junior finance minister Nirmala Sitharaman said.

India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion, its second-biggest import after oil. Besides the duty imposed by the Finance Ministry, India's Central bank also imposed the so-called 80-20 rule that requires a fifth of all bullion imports to be re-exported.

Source : dailyshippingtimes.com

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