Five steps to contain gold imports in India
Hike in import duty
To tackle the rising gold demand, the government has hiked import duty on gold from four percent to six percent now. The government can hike the import duty a tad higher in the Union Budget 2013.
Apart from import duty, it is time to reimpose most of the pre-reform era (1991 reforms) restrictions on gold import. Prior to 1991 reforms, only selective banks were allowed to import gold, the import duty was also comparatively higher, the cap on purity of gold (in carat) for buying/selling in retail market was also fixed. Such measures can be re-implemented to check gold import.
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