by Frik Els, Mining.com:
Over the past year and a half P. Chidambaram, India’s finance minister, has been fighting his country’s insatiable appetite for gold.
Gold import duties have risen tenfold – from 1% at the start of 2012 to 10% today – and excise duties stand at 9% while new rules such as strictly cash only for imports and transaction taxes among other punitive measures have stymied India’s gold industry.
The sub-continent celebrated Dhanteras and Diwali this month, two festivals closely associated with bullion buying and the country’s wedding season, another major driver of gold sales, which is in full swing.
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