[www.keralites.net] Government hikes import duty on gold, platinum to 6%

 

Import duty on gold and platinum has been increased from 4% to 6% with immediate effect to curb imports and check the widening current account deficit

New Delhi: The Indian government on Monday hiked import duty on gold and platinum to 6% from 4% with immediate effect—a move aimed at curbing imports of the precious metals to check the widening current account deficit (CAD), reports PTI.

 

"Government has decided to increase import duty on gold and platinum from 4% to 6% with immediate effect," Department of Economic Affairs secretary Arvind Mayaram told reporters.

 

He further said the government will link gold exchange traded funds (ETF) with the gold deposit schemes, which will enable mutual funds to unlock their physical gold and invest in gold-linked schemes offered by banks.

 

"The changes proposed to the gold deposit scheme will make it attractive for individuals to deposit their idle gold with the banks under the gold deposit scheme," Mayaram said.

 

He said the changes would help moderate import of gold and help in bridging the CAD.

 

Gold imports in 2011-12 amounted to $56.5 billion and in the current financial year, till December, they are estimated at $38 billion.

 

Please write to me in case you wish to know more about the Gold Deposit Scheme or visit my website 

 

Best Regards

Prakash Nair

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www.keralites.net

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