India Raises Gold & Silver Import Duties

[2012-01-29 16:36:49]


The government of India announces that it has adjusted, from January 17 of 2012, import duties on gold from 300 rupees per 10g to 2% of the gold value per ounce and those on silver from 1,500 rupees/kg to 6% of the silver value per ounce.

Analysts and traders indicate that the adjustments approximately double the previous duties, heavily impacting the imports of gold and silver.

As per current gold price, gold import duties are raised from USD 5.89 per 10g to USD 11.21, and silver duties from USD 29.51/kg up to USD 59.03.

Manish Mathur from Angel Broking, an Indian brokerage company, says that the rise of those duties will largely impact the imports, but it is the result that the government expects, because the imports have severely pulled down the growth of India's GDP.

In the last three years, gold imports accounted for about 0.5% of India’s GDP.
Source: ETCN
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