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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

India raises import duty on gold by 50 percent

Monday - Jan 21, 2013, 07:19pm (GMT+5.5)
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New Delhi - The Indian government Monday increased the import duty on gold to six percent from four percent with immediate effect, in a bid to cut the current account deficit.

Talking to reporters here, Economic Affairs Secretary Arvind Mayaram said the move was aimed at discouraging import of the precious metal.

“The duties will be reviewed after some time if there is a moderation in the quantity of gold that is imported into the country,” Mayaram said.

Gold is the major reason for the ballooning current account deficit in India, which is the largest importer of the precious metal.

India's current account deficit widened to a record high of 5.4 percent of Gross Domestic Product during July-September quarter of 2012-13, according to the latest RBI data.


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