The Phaserl


Smugglers’ charter: India raises gold import tax yet again

India’s war against precious metals imports has been upped another notch with duties on imports of gold, silver and platinum being increased to 10%.

by Lawrence Williams,

Obviously the Indian government does not yet feel that its war against gold imports is having sufficient effect. It has thus announced that it is to raise import duty on gold yet again -from 8% to 10% – following reported gold import figures of 383 tonnes from July to April – a sharp increase on the 205 tonnes it imported in the same period in 2012.

The Indian government has been trying to clamp down on gold imports because of the adverse effect they have on the country’s balance of payments given the ongoing demand in the world’s second most populous nation for the yellow metal, and this year has now raised gold import taxes on three occasions already.

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