The government revised the gold import tax on Thursday and raised it to Rs 3,000 per ten grams following the Indian government´s decision to increase import duty on the precious metal to 6 percent from 4 percent in the past. [break]
The Indian government took the decision to raise the duty last Monday to curb imports of the yellow metal, which have been widening the country´s current-account deficit.
Nepal immediately followed suit as the Nepal Gold and Silver Dealers´ Association (Negosida) lobbied that the government do so to rein in smuggling, which has lately been blamed for shortage of the yellow metal in the domestic market.
Currently, the daily demand for gold in the domestic market stands at 30 kg to 40 kg, according to Negosida.
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