India raises gold import duty

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India raises gold import duty

MUMBAI, January 18, 2012 – India has raised its gold import duty by 90 percent and doubled the tax on silver.
A government statement said that India changed the import duty on gold to 2 percent of value from an earlier flat 300 rupees per 10 grams and that of silver to 6 percent of value from 1,500 rupees per kg.
The duty increase would correspond to about 570 rupees per 10 grams for gold, and the silver import duty could equate to 3,000 rupees per kg at current prices, industry sources said.

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