02-01-2021 03:09 PM | Source: Reuters
India cuts import tax on gold, silver to 7.5% from 12.5%
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MUMBAI - India slashed the import duties on gold and silver to 7.5% from 12.5%, Finance Minister Nirmala Sitharaman said on Monday, as the world's second biggest gold consumer tries to bring down smuggling of the precious metal.
Gold futures fell more than 3% following the surprise announcement in the annual budget by Sitharaman.
(Reporting by Rajendra Jadhav; Editing by Kim Coghill)
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