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India cuts import tax on gold; industry expects boost in demand, drop in smuggling
By Rajendra Jadhav
Reuters
Monday, February 1, 2021
MUMBAI -- India today slashed import duties on gold and silver in a surprise move that industry officials say could boost retail demand and curtail smuggling in the world's second-biggest bullion consumer.
Higher demand for gold from India could support global prices, which hit a record high last year, although that could increase India's trade deficit and weigh on the ailing rupee.
... Dispatch continues below ...
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India cut import duties on gold and silver to 7.5% from 12.5%, but imposed a 2.5% cess -- a separate tax - on the imports, Finance Minister Nirmala Sitharaman said.
After the changes, gold imports would effectively attract 10.75% tax against 12.5% earlier, said Somasundaram PR, the managing director of the World Gold Council's Indian operations.
"Hopefully this is the first of a series of such cuts to make bullion an asset class that operates mainstream," Somasundaram said.
... For the remainder of the report:
https://www.reuters.com/article/idUSL1N2K70TY
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