| Date: |
26-07-2014 |
| Subject: |
Govt has no proposal to reduce gold import duty |
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NEW DELHI: India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10% import duty on gold, minister of state for finance Nirmala Sitharaman said on Friday.
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, the Reserve Bank of India also imposed the so-called 80-20 rule that requires a fifth of all bullion imports to be re-exported.
Source : timesofindia.indiatimes.com
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