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India: Import curbs could push up gold prices

Posted on 03 January 2013

The government is considering to further raise taxes on gold imports in a bid to tame the runaway current account deficit (CAD). CAD stood at an all-time high of $22.4 billion for the July-September quarter (or 5.4% of the GDP, up from 4.2% in the year-ago period). High CAD could necessitate higher government borrowing, weakening the rupee and stoking inflation and higher interest rates.
“We may be left with no choice but to make it a little more expensive to import gold. The matter is under the government’s consideration,” said finance minister P Chidambaram………………………………………..Full Article: Source


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