No immediate cut in gold import duty: Nirmala Sitharaman 10/09/2014


No immediate cut in gold import duty: Nirmala Sitharaman
10/09/2014 16:55
The government of India on Wednesday clarified that import restrictions on gold to remain in place, despite an improvement in Current Account Deficit (CAD). Nirmala Sitharaman, the Minister of State (Independent Charge) for Ministry of Commerce & Industry, on Wednesday said the government was not considering any immediate cut in yellow metal import duty, which was hiked to 10 per cent last year to check widening CAD, reported PTI. CAD has come down, but there is no thought to lower the import duty immediately," Commerce Minister Nirmala Sitharaman told PTI reporters. When asked about rise in gold smuggling post import restriction, the minister said, "I cannot say that gold smuggling has increased because of hike in import duty.”