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India's falling trade deficit allows reducing gold import tax, govt. official says

Chris Powell

GATA

Published : July 28th, 2017

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FOLLOW : Georgia Gold Import India Market Prices Report Sales Tax Trade Trading Weeks World

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	MUMBAI -- India's falling trade deficit is giving the world's second-biggest gold consumer room to lower its import duty on bullion, a commerce ministry official said Thursday. A reduction in import duty would make gold cheaper in the local market and could boost demand, supporting global prices now trading near their highest in six weeks. Spot gold prices are rebounding this month after posting their first monthly loss for 2017 in June. A lower import duty would also help in curbing gold smuggling, which the industry says is likely to rise after the hike in sales tax on gold jewellery from July 1. ... ... For the remainder of the report: http://www.reuters.com/article/india-gold-imp...s-idUSL3N1KI425

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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