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HindustanTimes Wed,22 Oct 2014

Govt has no proposal to reduce gold import duty: Nirmala Sitharaman

Reuters  New Delhi , July 25, 2014
First Published: 12:19 IST(25/7/2014) | Last Updated: 14:27 IST(25/7/2014)

India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10% import duty on gold, minister of state for finance 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, the Reserve Bank of India also imposed the so-called 80-20 rule that requires a fifth of all bullion imports to be re-exported.


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