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India unlikely to ban gold imports or hike gold import duty - official
June 20, 2013 / 6:18 AM / 4 years ago

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

NEW DELHI (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.

An employee poses with gold biscuits inside a jewellery showroom in Mumbai June 4, 2013. REUTERS/Danish Siddiqui

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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