Gold import duty raised to 6% to curb rising demand
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.
* 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