Business Videos

Government raises gold import tax

Jan 23 2013 00:00 IST
Indian government has raised the import tax on gold by 2 percentage points to 6 percent to curb purchases and rein in a ballooning fiscal deficit but the move has left the buyers disappointed. The jewellers in Siliguri said that their business is running low because of the high prices of gold. The customers said they are unable to afford gold even for weddings or occasions. Alarmed by the mounting current account deficit, driven by large-scale gold imports, the government raised the import duty on gold and platinum to 6 percent from 4 percent.