India Not Planning to Cut Gold Import Tax

Reuters reported that J.D. Seelam, a junior finance minister in India, said that the country does not plan to lower its gold import tax, at least at the moment.

As quoted in the market news:

India has put in place measures to dissuade gold buying to tackle a widening trade deficit, including a record 10% import tax and a requirement that a fifth of all imports of the metal be shipped out.

‘At present, there is no proposal under consideration to reduce the import duty on gold, taking into account the likely impact on the current account deficit,’ J.D. Seelam told lawmakers in a written reply.

Click here to read the full Reuters report.