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India: Budget 2014: Gold import duty retained at 10 per cent; bullion markets surprised

Posted on 11 July 2014

India surprised bullion markets by keeping the import duty on gold and silver unchanged at 10 per cent in its fiscal budget, a move likely to limit overseas purchases by the second-biggest bullion consumer and further encourage smuggling.
Indian gold futures jumped 2 per cent on Thursday, widening the premium over global prices which had narrowed on the expectation of a duty cut. India’s biggest gold trade group had said on Wednesday that the finance minister would likely cut the gold import duty to 6 per cent in the newly elected government’s first budget presentation………………………………………..Full Article: Source


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