Government Hikes Import duty on gold up to six percent - Sagmart

After the increment in the train fare it is bad news for those who are fond of gold because the Government has decided to increase import duty on gold. The government has increased the import duty from four percent to six percent.

The government has increased the import duty on gold and platinum from four percent to six percent. The government had to take this decision because the gold is proving a headache for the regime. One way the augmented import duty is unbalancing the treasure while on the other hand price of the gold is giving the strength to the dollar than rupee.

In spite of this, the government has decided to join the Gold ETF (Exchange Traded Fund) with the gold’s deposit plan. This change in the gold deposit scheme would be beneficial for people who want to deposit idle gold in banks. Government also appealed to people no need to purchase much gold so that it can be put down on the import of gold.

Obviously the gold's importing is affecting the country's current account's deficit. In the first half of the current fiscal year 2012-13 to $ 20.25 billion were imported gold. The import of gold has doubled the pace of growth in foreign exchange reserves.

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22nd, Jan 2013 4:00 AM
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