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Government has no proposal to reduce gold import duty

Source : REUTERS
Last Updated: Fri, Jul 25, 2014 14:37 hrs
An employee explains the bill to a customer as gold bangles are placed on top of it inside a jewellery showroom in Mumbai

India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10 percent 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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