Govt likely to hike import duty on gold in Budget
PTI: New Delhi, Jan 13 2013, 16:47 IST
of the current fiscal.
The RBI also, in a draft report, has pitched for higher customs duties on gold and tax sops for people ready to channelise gold into other investments.
It pitched for introduction of products like Gold Accumulation Plan, Gold Linked Account, modified Gold Deposit and Gold Pension Product.
Gold prices closed at Rs 31,100 per 10 grams in New Delhi market.
Doubling of the excise duty to 4 per cent in the last Budget and the curbs that RBI imposed on gold loan value and banning banks from funding gold purchase by loan companies have led to drop in imports.
In April-October 2012, imports declined 35 per cent year-on-year and overall imports is set to drop over 17 per cent to 800 tonnes this year.
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