Import duty on gold incresed By 2%

India, June 7 – The Indian government has raised the import duty on gold by 2% points to 8% to discourage imports by the pushing the precious metals' landed price.

 

Import duty on gold has been raised from 6% to 8% by government. This is the second increase in import duty of gold in the last six months as the country’s imports surged in May.

 

India imported around 162 tones of gold in May, much more than expected and making further measures from the government to curb demand.

 

Gold imports have shot up sharply as consumers likely brought forward their purchases in response to the recent sharp fall in gold price.