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.
via Mineweb
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.