• India may cut gold import duty by between 2 and 4%

Bloomberg headline on a Wall Street Journal story

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Yep – here it is in the Journal:

India is likely to cut the import tax on gold before end-February by between 2% and 4% from the current level of 10%, a senior government official said Wednesday.

  • India had raised the import tax on gold to 10% from 2% since early 2012
  • In response to a climbing current account deficit
  • Further tightened restrictions last year by asking importers to re-export at least 20% of the gold they bring into the country

Government is now thinking of reducing the import tax as the current-account deficit is estimated to have almost halved to around $45 billion this financial year from $88 billion last year, the official, who didn’t want to be named, told The Wall Street Journal

India May Cut Import Tax on Gold

(The Wall Street Journal is often gated, so if you’re unable to access the article try a search of Google news using the headline)