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Import tax on Gold increased by 5% from today

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Content Team
Image Credit: economic times

India has raised its basic import duty on gold in an attempt to dampen its demand in the domestic markets. According to a government notification, import duty on precious metal has been hiked by 5% to 12.5% from 7.5%. This move comes as an effort to curb domestic demand for yellow metal. India, being the second-largest importer of gold, fulfills its demand via imports, which was straining the value of the rupee.