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India's falling trade deficit allows reducing gold import tax, govt. official says
Thursday, July 27, 2017
MUMBAI -- India's falling trade deficit is giving the world's second-biggest gold consumer room to lower its import duty on bullion, a commerce ministry official said Thursday.
A reduction in import duty would make gold cheaper in the local market and could boost demand, supporting global prices now trading near their highest in six weeks. Spot gold prices are rebounding this month after posting their first monthly loss for 2017 in June.
A lower import duty would also help in curbing gold smuggling, which the industry says is likely to rise after the hike in sales tax on gold jewellery from July 1. ...
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