India plans to slash gold import duty to arrest smuggling.

New Delhi: The Centre is all set to cut the import duty on gold because higher taxes have made it more profitable for smugglers, government officials said.

The decision was taken considering that smugglers were using the opportunity to offer hefty discounts and denting the market share of banks and refiners, he said.

“The duty cut by the world’s second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global prices. It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators,” reported Reuters.

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