News Headline Summary

According to Indian officials, government may raise import tax on gold to 5% from 4%

- Government likely to announce increase in import tax in a week.
- Government may increase import tax further to 6% in Federal Budget.

Analysis details (10:43)

- Last March, India doubled the tax on purchases of gold bars and coins to help narrow the current-account gap.
- According to the World Gold Council (November report), imports by India rose for the first time in five quarters in the three months to Sept. 30. Imports jumped 9% to 223 metric tons in the third quarter of 2012 from 205 tons a year earlier.

02 Jan 2013 - 10:38 - - Source: Newswires

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