India on Tuesday hiked the import duty on gold jewellery to 15 per cent in a bid to protect domestic industry and curb the precious metal's imports, a key reason for the country's high trade and current account deficits.
"Import duty on gold imports is increased to 15 per cent from the earlier rate of 10 per cent," the finance ministry said in a statement.
The concerned department had issued the notification and the new rate became application with immediate effect.
“As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years,” the finance ministry said.
The last revision was done on August 13, when the duty was hiked to 10 per cent from eight per cent.
Prior to January 17, 2012, the import duty on standard gold (of 99.5 per cent purity and above) was Rs 300 per 10 grams.
The duty was raised to two percent from January 17, 2012. Thereafter, it was raised to four percent in the Budget 2012-13. The duty was further raised to six per cent from January 21, 2013 and and to eight per cent from June 5, 2013.
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