Gold duty hike won’t help tackle the cause: Nomura

by Paul Joseph on January 22, 2013 · 0 comments

The recently made hike in import duty on gold will only encourage shipments of the precious metal through unofficial channels, according to Nomura. Indians craving for gold has been affecting the country’s economy, and the government on Monday reacted by hiking the import duty on the precious metal from 4 per cent to 6 per cent. But, Nomura said that the hike in gold import duty would not tackle help the cause of the problem. Commenting on the move, Nomura said, “Therefore, in our view imposing import duty tackles the symptom, not the cause.” read more

[via Stock Watch – Stock Specific News]

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