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India slashes import tax on gold and silver to tackle smuggling
Or maybe it's just more evidence that the Indian government is getting aboard the gold train after many years of trying to block it.
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By Rajendra Jadhav
Reuters
Tuesday, July 23, 2024
MUMBAI -- India today slashed import duties on gold and silver in a move industry officials said could lift retail demand and help cut smuggling in the world's second-biggest bullion consumer.
Higher demand for gold from India could boost global prices, which hit a record high this year, although that could widen India's trade deficit and put pressure on its ailing rupee.
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"It's a massive step in the right direction, as it will reduce the incentives for smuggling of gold. It will create a level playing field for honest industry stakeholders," said Sachin Jain, CEO of World Gold Council's Indian operations. ...
... For the remainder of the report:
https://www.reuters.com/markets/commodities/india-slashes-import-tax-gold-silver-6-2024-07-23/
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