Soaring demand for gold and silver among investors in India may force the federal government to raise the import duty on precious metals in the coming annual budget.
India’s annual budget is to be presented in the Parliament on February 28. Officials in the Ministry of Finance said that the government has decided to hike the duty on gold and silver imports thanks to the surging demand for these precious metals.
“Finance Minister Pranab Mukherjee has mooted the proposal to hike the import duty on gold and silver. Imports of these precious metals have been very strong in the last one year, and the rising demand for precious metals is the main reason for the hike in the import duty,” a senior official said.
India’s annual budget is to be presented in the Parliament on February 28. Officials in the Ministry of Finance said that the government has decided to hike the duty on gold and silver imports thanks to the surging demand for these precious metals.
“Finance Minister Pranab Mukherjee has mooted the proposal to hike the import duty on gold and silver. Imports of these precious metals have been very strong in the last one year, and the rising demand for precious metals is the main reason for the hike in the import duty,” a senior official said.
