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India: 10 things to know about gold duty hike

Posted on 23 January 2013

The government on Monday raised the import duty on gold and platinum by 2 per cent to 6 per cent, the second such increase in less than one year. The move is aimed at discouraging gold buying and controlling the ballooning fiscal deficit.
How does it affect buyers: Jewellers and analysts said buyers will have to shell out Rs. 600 - Rs. 700 more per 10 gram of gold in the short term. Why was the duty hiked: India is the world’s biggest importer of gold and the precious metal is the biggest contributor to the import bill after crude oil. India’s current account deficit reached an all-time high of 5.4 per cent of gross domestic product in the July-September quarter………………………………………..Full Article: Source


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