Gold import duty raised to 6% to curb rising demand

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ENS Economic Bureau: New Delhi, Jan 22 2013, 01:29 IST

Tags: P Chidambaram | Union Budget | Gold Import Duty

with banks under the gold deposit scheme.

Additionally, to encourage individuals to participate in the scheme, banks will be directed to lower the threshold for deposit of gold and reduce the tenure of such deposits to six months from the current three years.

Market regulator Sebi and the Reserve Bank of India will issue notifications on gold Exchange Traded Funds and gold deposit schemes in about three weeks.

Golden rule

* The hike in import duty increase will be “reviewed after if there is a moderation in gold imports,” says Arvind Mayaram (in picture), secretary, DEA

* The finance ministry raised the import duty on gold and platinum to 6% from 4%

* To improve domestic supply of gold, the ministry will also link gold exchange traded funds and the gold deposit scheme

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Reader's Comments (2)| Post a Comment

Lot of alteration has happened to our traditions but gold purchase on the occasion of wedding has not changed much.

Fintotal.com | 23-Jan-2013Reply | Forward

The fundamental reasons for buying gold jewelry are rooted in Indian culture especially during weddings. Lot of alteration has happened to our traditions but gold purchase on the occasion of wedding has not changed much. Though the newer generation is not too fond of wearing or flaunting gold jewelry, the demand for gold jewelry has not gone down. We end up demanding 950 tonnes of gold every year.