Income Tax department eyes foreign gold buyers

Jan 20 2014, 08:43 IST
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SummaryFinancial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country.

grappling to rein in Current Account Deficit (CAD), difference between the outflow and inflow of foreign currency. The CAD touched a historic high of USD 88.2 billion or 4.8 per cent of GDP in 2012-13 and was mainly attributed to high imports of petroleum products and gold.

India, the largest gold consumer in the world, has imported 830 tonnes of gold in 2012-13.

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