Import tax on Gold increased by 5% from today
Shortpedia
Content Team
Image Credit: economic times
India has raised its basic import duty on gold in an attempt to dampen its demand in the domestic markets. According to a government notification, import duty on precious metal has been hiked by 5% to 12.5% from 7.5%. This move comes as an effort to curb domestic demand for yellow metal. India, being the second-largest importer of gold, fulfills its demand via imports, which was straining the value of the rupee.
