India: Govt told to raise import duty on Gold | SILVER SHORTAGE

Friday, June 7, 2013

India: Govt told to raise import duty on Gold

KATHMANDU, June 7: Gold traders have requested the government to raise import duty on gold.

They made such a request arguing that duty hike on gold in India would spur smuggling of yellow to the southern neighbor at a time when the local market is facing shortage of gold.

India on Wednesday hiked gold import duty from 6 percent to 8 percent to curb its current account deficit.

“At a time when the domestic market is facing gold shortage, the recent duty hike in India might increase gold smuggling to India,” Mani Ratna Shakya, president of Federation of Nepal Gold and Silver Dealers´ Associations, told Republica. “Hence, we have requested the government to hike the duty as soon as possible.”

If customs duty on gold is raised in line with India, the yellow metal will be dearer in the domestic market by around Rs 1,000 per 10 grams. But traders have requested the government to increase the import duty by at least Rs 1,500 per 10 grams to prevent smuggling of gold to India.

“If the government does not raise duty immediately, the duty hike in India, which has made gold expensive there compared to the local market, will encourage smugglers to illegally export the yellow metal to India to get Indian currency which is selling at higher rates in black market,” Shakya added.
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=55836

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