Govt to Hike Import Duty On Gold; May Induce Smuggling

Bangalore: The wedding season has arrived in India. People are busy planning and designing jewelries. But unlike the other years, this is not going to bring good news to the gold lovers and the bullion industry.

Talking about Indian jewelry, the only metal that comes to mind is gold. The charm of this yellow metal is very addictive. This might be the reason why the yellow metal is the most loved metal.

Not only the common people but even the government also has a strong reason to watch out for gold.

Gold has been the promising medium for the Indian Government in counterbalancing its financial crisis. Reports say that Reserve Bank of India sent 47 tonnes of gold as a loan to the European countries in 1991.

This year also, the Government is targeting gold as the rescuer. The previous tax on this yellow metal has been increased to 6 percent. There will be a hike of 2 percent in the rates of gold and platinum.

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