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Perhaps Warren Buffett just had a talk with Indian politicians. 
How about a 4% tax on all gold transactions on COMEX? ;-)
http://www.bullionstreet.com/news/in...s-to-wane/1356
How about a 4% tax on all gold transactions on COMEX? ;-)
http://www.bullionstreet.com/news/in...s-to-wane/1356
India's gold focus starts to wane
# India gold # import duty # gold duty
India, world's largest gold consumer, has made a significant foot step away from gold when it's Economic Survey said imports of gold and consumer goods unproductive, observers said.
NEW DELHI(BullionStreet): India, world's largest gold consumer, has made a significant foot step away from gold when it's Economic Survey said imports of gold and consumer goods unproductive, observers said.
They said gold imports are a large contributor to India's current account deficit, which is estimated at 3.6% of gross domestic product in the current fiscal year that ends March 31.
By restricting gold imports, India's savings can be directed to more productive assets, they added. The large current account gap is seen as the biggest pressure on the Indian rupee's performance.
The country has already imported about $60 billion of gold between last April and February.
However, India's imports of gold have already started falling. According to data from the World Gold Council, the country's import of the commodity fell from 298 tonnes in the January-March 2011 quarter to 157 tonnes in the October-December 2011 quarter.
It is likely to fall significantly in 2012 as the government's decision to double import duty to 4% is seen squeezing local demand, especially for jewellery, industry officials said.
According to a report of the Prime Minister's Economic Council (PMEAC), the country's total gold imports during 2011-12 is likely to touch $58 billion. This would form a sizeable part of the rising current account deficit, which was at $32.8 billion in the first half of 2011-12.
India imported a record 969 tonne of gold in 201.
# India gold # import duty # gold duty
India, world's largest gold consumer, has made a significant foot step away from gold when it's Economic Survey said imports of gold and consumer goods unproductive, observers said.
NEW DELHI(BullionStreet): India, world's largest gold consumer, has made a significant foot step away from gold when it's Economic Survey said imports of gold and consumer goods unproductive, observers said.
They said gold imports are a large contributor to India's current account deficit, which is estimated at 3.6% of gross domestic product in the current fiscal year that ends March 31.
By restricting gold imports, India's savings can be directed to more productive assets, they added. The large current account gap is seen as the biggest pressure on the Indian rupee's performance.
The country has already imported about $60 billion of gold between last April and February.
However, India's imports of gold have already started falling. According to data from the World Gold Council, the country's import of the commodity fell from 298 tonnes in the January-March 2011 quarter to 157 tonnes in the October-December 2011 quarter.
It is likely to fall significantly in 2012 as the government's decision to double import duty to 4% is seen squeezing local demand, especially for jewellery, industry officials said.
According to a report of the Prime Minister's Economic Council (PMEAC), the country's total gold imports during 2011-12 is likely to touch $58 billion. This would form a sizeable part of the rising current account deficit, which was at $32.8 billion in the first half of 2011-12.
India imported a record 969 tonne of gold in 201.