The Indian government continues to target gold as a way to reduce its current account deficit and has now increased the duty on gold imports to 8% from 6%.
The increase comes only a day after the Reserve Bank of India announced that it was expanding restrictions on gold imports on consignment basis to all nominated agencies including premium and star trading houses.
In its continued attempt to dissuade people from investing in gold, Thursday, at an event in Mumbai, Finance Minister P. Chidambaram said that the RBI has advised banks against selling gold coins to retail customers. The minister also said that banks should not advise their clients to invest in gold.
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