No proposal to cut gold import duty

In 2013, the government hiked import duty thrice to 10 per cent on import of gold in wake of high CAD which in turn was impacting the value of the rupee. The Reserve Bank too imposed a series of curbs to restrict gold imports. The CAD had touched a record high of USD 88.2 billion in 2012-13. However, following series of measures, by both the RBI and the government, CAD is likely to fall below USD 50 billion in the current financial year ending March 31.