India, the world’s largest gold buyer, increased a tax on bullion imports to curb a record current-account deficit at a time when the World Gold Council predicts an all-time high quarterly demand for the metal.
The duty will rise to 8 percent from 6 percent, effective immediately, Revenue Secretary Sumit Bose said in a telephone interview yesterday in New Delhi. Before the move, India had tripled the tax since January last year. Gold imports may fall as much as 20 percent this year, the All India Gems & Jewellery Trade Federation said. The levy on platinum imports was also increased to 8 percent from 6 percent.
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