Jagran Josh Logo
  1. Home
  2.  |  
  3. Economy Current Affairs |  

The Import Duty on Gold and Platinum hiked from 6 to 8 Percent

Jun 6, 2013 17:46 IST

The government hiked the import duty on Gold and Platinum from 6 to 8 per cent on 5 June 2013.The hike is aimed at curbing import of gold, which is mainly responsible for the rise in Current Account Deficit (CAD) impacting on the country's foreign exchange reserves as well as the rupee value.

This is the second hike in the duty in six months as gold imports touched an alarming 162 tonnes in May 2013. The imports touched a staggering figure of 15 billion US dollars in the last two months.

The CAD, which is a difference between inflow and outflow of foreign currency, touched a historic high of 6.7 per cent of GDP in the quarter ending December 2012.

Is this article important for exams ? Yes29 People Agreed
Read more Current Affairs on: Gold , Platinum , The import duty , the Union government

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

Newsletter Signup
Follow us on
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK