India Raises Tax on Gold Imports to Curb Deficit, Rupee Decline

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India Raises Tax on Gold Imports to Curb Deficit, Rupee Decline

21-Jan (Bloomberg) — India, the world’s largest bullion buyer, raised taxes on gold imports to curb a record current- account deficit and moderate demand for the precious metals that’s rallied for 12 straight years.

The duty on gold and platinum imports will rise to 6 percent immediately from 4 percent, Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi today. The tariffs will be reviewed if imports moderate, he said.

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