India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.
MUMBAI(BullionStreet): The Central government has raised the import tax on gold by 2% points to 6% to curb purchases and rein in a ballooning fiscal deficit, but the move has left buyers disappointed.
India’s passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4% of gross domestic product in the July-September quarter.
Alarmed by the mounting current account deficit, driven by large-scale gold imports, the government raised the import duty on gold and platinum to 6% from 4%.
The jewellers in eastern Siliguri city were upset with the step. ...



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Upset? Sheesh. Why would they be up.