India unlikely to cut gold duty soon

Jon Blogosphere, Economy, Gold, Government, Market Commentary, Precious Metals

Any revision in gold import duty is unlikely to take place before the Budget and there is no proposal as of now to reduce the 10 per duty, a finance ministry official said.
‘On import duty (on gold) there is no decision at the moment. Import duty whatever has to be done will form part of the Budget. At the moment there is no proposal to reduce import duty on gold,’ the official said.
There has been widespread expectations of reduction in customs duty on gold due to the improved current account deficit situation. The Commerce Ministry has also been pitching for a cut in import duty on the precious metal.
General Budget for the coming fiscal year is generally announced on the last working day of February.
Earlier this week, RBI Governor Raghuram Rajan had also said that there were some requests to change the duty structure (on gold) and that government will view and take a decision on it.

This post was published at TruthinGold on December 4, 2014.