In a fresh bid to discourage gold loving Indians from hoarding more yellow metal and save the outflow of precious Forex, the government is likely to hike import duty on gold jewelry to 15 percent from 10 percent currently, reports CNBC-TV18 quoting sources. It is learnt that finance ministry has approved a plan to hike import duty on gold jewelry and a notification on the same can be expected in a day or two. In August, customs duty on gold was hiked to 10 percent from 8 percent. This is the fourth time that the government would be raising duty on gold this year. According to sources, this move is aimed at plugging the rise in import of gold jewelry from Thailand and Dubai. Also Read: RBI should consider monetizing gold, says Anand Sharma Gold imports have been pushing up current account deficit (CAD) and putting pressure on the already battered rupee. Gold is our most expensive non-essential import and accounts for 13.3 percent of the total bill. India has 557.7 tonne of gold in its reserves, making it the eleventh biggest holder, says a World Gold Council report. Meanwhile, the recent trade data showed that gold imports have dipped to USD 0.65 billion in August from USD 2.2 billion in the previous month.
Posted on: Tue, 17 Sep 2013 15:25:49 +0000
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