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India considers ending import curbs on gold-silver alloy
By Neha Dasgupta and Manoj Kumar
Friday, July 3, 2015
The Reserve Bank of India and the finance ministry are in talks to scrap bulk import licences for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports, officials with direct knowledge of the discussions told Reuters.
Gold is India's second-highest import in value terms, and a jump in imports widened the current account deficit in 2013, sparking the country's worst currency turmoil since a balance of payments crisis in 1991.
An alloy of gold and silver, called dore, from which refineries produce pure gold, forms about 150 tonnes of imports each year and attracts a duty of 8.24 percent, which is less than the duty of 10.30 percent on refined gold.
The RBI wants to remove all restrictions on refiners while the finance ministry has raised concerns over tax evasion, the sources said. ...
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