Arab Today, arab today india hikes import tax on gold by 50
Last Updated : GMT 08:33:30
Arab Today, arab today
Arab Today, arab today

India hikes import tax on gold by 50%

Arab Today, arab today

Arab Today, arab today India hikes import tax on gold by 50%

New Delhi - AFP

India, the world\'s top gold consumer, on Monday hiked the import duty on the precious metal by 50 percent in an effort to reduce demand and help stem the country\'s ballooning current account deficit. Gold purchases are one of the biggest contributors to India\'s current account deficit -- the broadest measure of trade -- which hit a record $22.3 billion, or 5.4% of GDP, in the July-September quarter, as imports outpaced exports. The government said the rise in the import duty on gold to six percent from four percent would take effect immediately. Last year it doubled the duty on gold to four percent. \"The duties will be reviewed after some time if there is a moderation in the quantity of gold that is imported into the country,\" Economic Affairs Secretary Arvind Mayaram told reporters. The hike is part of a wider set of measures to improve the finances of Asia\'s third-largest economy, which faces stubbornly high inflation, a sharp slowdown in growth as well as the hefty current and fiscal account deficits. Ratings agencies have threatened to downgrade India\'s sovereign investment rating to junk status unless the government takes steps to close the nation\'s the deficits. India has long been the world\'s biggest buyer of gold with purchases strongest during the religious festival and wedding seasons. Last year\'s rise in the import duty on gold dampened demand temporarily but purchases picked up again. Many Indians -- especially in rural areas where there are few banks -- purchase gold in the form of jewelry, bars and coins as a hedge against inflation.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india hikes import tax on gold by 50 Arab Today, arab today india hikes import tax on gold by 50

 



Arab Today, arab today
Arab Today, arab today US, Britain ban laptops on flights

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Hezbollah commander killed by own men

GMT 07:43 2017 Wednesday ,22 March

Hezbollah commander killed by own men
Arab Today, arab today Tunisian media host praises her new experience

GMT 12:35 2017 Wednesday ,15 March

Tunisian media host praises her new experience
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Palestinian police wage war

GMT 07:53 2017 Friday ,17 March

Palestinian police wage war
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 17:08 2017 Saturday ,18 March

Reveals secrets of tourism flights to space

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday