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India Said to Consider Lowering Gold Import Tax to 6% From 10%

  • Tax raised three times in 2013 to curb higher imports
  • Demand seen shrinking in 2016 to the least in 7 years
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Photographer: Dhiraj Singh/Bloomberg

India, the world’s second-biggest consumer of gold, is said to be considering cutting the import tax on the precious metal in order to curb its smuggling, according to people familiar with the matter.

The government is planning to reduce the duty to 6 percent from 10 percent now, said the people, who asked not to be named as they are not authorized to speak to the media.