India doubles import duty on gold, silver

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MUMBAI, July 6, 2009 – India has announced a doubling of the import duty on gold and silver, a move which analysts believe will lead to increased demand for locally recycled gold.
The government said in the 2009/10 budget that the import duty on gold bars was being raised to 200 rupees ($4.1) per 10 grams from 100 rupees previously.
The import duty on silver is being raised to 1,000 rupees ($20.7) per kg from 500 rupees previously.
Analysts said that as imports of gold become more costly, the business of recycling scrap precious metal would become more viable.