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India raises gold import tax

in International Business

India raises gold import tax

indian goldIn a bit to tackle its trade deficit, Indian government has raised import tax on gold from 4% to 6%.

India’s trade deficit has hit a record 5.4% of total economic output between July and September last year.

Some analysts believe the move would have little impact, as last year’s tax raise from 2% to 4% only had a temporary effect on demand for gold.

India is the world’s largest importer of gold. Many Indians buy gold jewelry and coins to protect the value of their money in the face of inflation.

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