June 20, 2013 / 9:58 AM / 4 years ago

India to levy commodities transaction tax from July 1

A customer looks at a gold pendent inside a jewellery showroom in Mumbai June 4, 2013. REUTERS/Danish Siddiqui

MUMBAI (Reuters) - India, the world’s biggest buyer of gold, will levy 0.01 percent commodities transaction tax on futures contracts of non-agricultural commodities like precious, base metals, oil and gas, from July 1, the finance ministry said in a statement.

The tax was proposed in the budget in February. India has 21 commodity bourses, including six operating at the national level. Foreigners are still not allowed to trade in futures, but can buy stakes in commodity exchanges.

Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee

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