India Ups Gold Import Duty, Silver Duty Unchanged

According to a foreign media, Pranab Mukherjee, Indian finance minister, indicated last Friday (March 16) that India plans to raise the import duty on gold from 2% to 4% from 2012/13 financial year that begins from April 1, 2012.

Officials at Indian trade agency said on March 16 that the duty-increase decision will strike Indian demand for gold and damage India's gold imports.

Before then, on January 17, 2012, Indian government doubled the duty by raising from INR 300 per 10 grams to 2% of gold value.