Government hikes import tax on gold by 50 per cent

The government on Monday hiked import duty on gold to 6 per cent from 4 per cent effective immediately, a finance ministry official said on Monday, in a bid to cut down ballooning current account deficit.

The news sent gold futures higher by a percent.

The duties will be reviewed if there is a moderation in gold imports, Economic Affairs Secretary Arvind Mayaram told reporters.

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