Gold Industry Groans Under Hike In Import Duty

Mumbai: The gold industry on Friday slammed the hike in import duty of gold from 10 per cent to 12.50 per cent, saying it will be counter-productive and hit the Indian retail market. World Gold Council India Managing Director PR Somasundaram said the hiked gold duty will impede efforts to make gold as an asset class particularly when gold prices are already rising globally, and the grey market will thrive which will dilute efforts to reduce cash transactions. (IANS)

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