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India raises import duty on gold dore, ores to 5 pct
January 22, 2013 / 7:09 AM / 5 years ago

India raises import duty on gold dore, ores to 5 pct

MUMBAI, Jan 22 (Reuters) - India, the world’s biggest buyer of gold, raised import duty on dore bars and ores to 5 percent from 2 percent, a day after increasing tax on processed yellow metal to 6 percent.

Most of the 100 tonnes of dores imports is consumed by MMTC PAMP and Rajesh Exports. India’s total annual gold consumption is about 900 tonnes.

Rising import of the yellow metal has been worrying the federal government battling with a record high current account deficit, which hit its highest of 5.2 percent to the gross domestic product in the September quarter. (Reporting by Siddesh Mayenkar; Editing by Gopakumar Warrier)

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