India, the world’s second-biggest gold consumer, does not have any current proposal to cut the record 10 percent import duty on gold, junior finance minister 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, India’s central bank also imposed the so-called 80-20 rule that requires a fifth of all bullion imports to be re-exported.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.