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Reserve Bank of India eases gold import rules

May 21 2014, 22:03 IST
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India raised the gold import duty last year to 10 pct and also mandated that 20 pct of imported gold be exported. Reuters India raised the gold import duty last year to 10 pct and also mandated that 20 pct of imported gold be exported. Reuters
SummaryIndia raised gold import duty to 10 pct, mandated 20 pct of imported gold be exported.

tranches last year.

With moderation in CAD, the incoming Narendra Modi government is likely to ease restrictions on gold imports to boost jewellery exports.

According to sources, the Revenue Department officials are looking into various aspects related to gold imports before any decision on lower import duty from the current 10 per cent.

"Can't say how much it (customs duty) will be cut. We are in discussions as the final CAD numbers of 2013-14 are yet to come," sources said.

However, they added, the final call on the reduction of customs duty on gold rests with the new Finance Minister.

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