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India unlikely to ban gold imports or hike gold import duty- official
June 20, 2013 / 5:33 AM / in 4 years

India unlikely to ban gold imports or hike gold import duty- official

NEW DELHI, June 20 (Reuters) - India is unlikely to ban gold imports or increase import taxes on the metal further, as that may lead more gold smuggling, a senior finance ministry official said on Thursday.

The official added that the government has limited options to stall a record fall in the rupee.

The rupee has fallen to 59.9350 to the dollar, a day after U.S. Federal Reserve Chairman Ben Bernanke confrimed the Fed would begin winding down its stimulus spending later this year, and data showed China’s factory activity weakened to a nine-month low in June. (Reporting by Rajesh Kumar Singh and Manoj Kumar, editing by Ross Colvin)

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