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India to review gold tax but import duty to stay | India to review gold tax but import duty to stay |
(40 minutes later) | |
The Indian government has said it will review a new tax on unbranded gold jewellery, after 11 days of protests by gold shop owners. | |
Shops have been closed in some parts of India since the levy was announced in the federal budget on 16 March. | Shops have been closed in some parts of India since the levy was announced in the federal budget on 16 March. |
However authorities said they would not budge on an import duty hike from 2% to 4%. | However authorities said they would not budge on an import duty hike from 2% to 4%. |
India is the biggest importer of gold in the world. | India is the biggest importer of gold in the world. |
In 2011 India imported 933 tonnes of gold, according to the World Gold Council. | In 2011 India imported 933 tonnes of gold, according to the World Gold Council. |
Prior to the federal budget the government imposed a so called excise duty only on branded jewellery. | |
Finance Minister Pranab Mukherjee said on Tuesday that the government would reconsider its new 0.3% excise tax on unbranded gold jewellery because it did not want to harass the industry. | |
However he added that the import duty would stay because Indians were spending "precious foreign exchange" to buy gold. | However he added that the import duty would stay because Indians were spending "precious foreign exchange" to buy gold. |
The high gold imports have weakened the rupee against the major global currencies. | The high gold imports have weakened the rupee against the major global currencies. |
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