| The value of gold imports by India, the largest importer of the yellow metal, is expected to touch $100 bn by 2015-16, according to Associated Chamber of Commerce and Industry (ASSOCHAM).
“The recent hike in customs duty to four per cent will not be enough to control gold imports. Every ounce of imported gold means that the country’s savings flow out to other countries and create jobs there”, the report says while adding that $100 billion imports will put pressure on India's current account and widen the deficit. As such ASSOCHAM advises higher import duty on gold...............................................Full Article: Source
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