(REUTERS)A cut in the import duty by the world’s second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global prices . The effective duty is now 18.45%, which includes the 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes. An official at the Ministry of Commerce said it was in favour of cutting the import duty on gold and had asked the finance ministry to do so. “Smuggling is going up,” said the commerce ministry official, adding that the duty could be cut in an upcoming budget. Indian gold prices jumped to a record 56,850 rupees per 10 grams last week.

Source: Nigerian Tribune January 23, 2023 16:41 UTC