Import duty on gold, platinum hiked to 6% in India as govt battles imports, CAD

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Govt seeks to lure investors with Gold ETF and other schemes. (AP) Govt seeks to lure investors with Gold ETF and other schemes. (AP)
SummaryGovt seeks to lure investors with Gold ETF and other schemes.

duty may moderate demand in the world's largest bullion buyer that has seen prices jump 7.1 per cent in 2012.

Outflow of the foreign exchange on gold imports is impacting country's CAD, which has widened to USD 38.7 billion or 4.6 per cent of the GDP in the first half of the current fiscal.

About 80 per cent of the nation's current-account deficit, the broadest measure of trade, tracking goods, services and investment income, is due to gold imports, according to the Reserve Bank of India.

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