‘Gold duty hike to discourage high imports’

Finance Minister Nirmala Sitharaman on Friday said that the customs duty on gold has been increased to discourage the high import of gold. Customs duty on gold has been increased from 10.75 per cent to 15 per cent on June 30 by the Finance Ministry.

“There has been a sudden surge in imports of gold. In the month of May, a total of 107 tonnes of gold was imported and in June also the imports have been significant. To curb the import of gold, customs duty has been increased from present 10.75 per cent to 15 per cent,” read the statement by the Ministry of Finance. The Finance Minister said that these are extraordinary times when international prices of crude oil are going up.

If oil is exported with extraordinary profits, we need supply for Indian consumers also, Nirmala Sitharaman told reporters in New Delhi on the sidelines of the GST Day function at Vigyan Bhawan. Sitharaman said that export duty on fuel is not intended to discourage exports. It is difficult to get oil at affordable prices from abroad.