India needs to rationalise gold import duty: trade secretary | business | Hindustan Times
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India needs to rationalise gold import duty: trade secretary

business Updated: Jun 11, 2014 13:03 IST
Gold Imports

India needs to "rationalise" duty on gold imports, which plunged 72% in May, trade secretary Rajeev Kher told reporters on Wednesday.

Following a steep rise in the country's current account deficit, India raised the gold import tax last year to 10% from 4%.

Separately, Kher said his ministry was not considering raising import duty on sugar, as the matter had not been brought to his notice.

Last week food minister Ram Vilas Paswan said India will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers.