No proposal to cut gold import duty

For gold lovers this is not an encouraging news. Finance Ministry said on Friday that it is not considering any proposal to slash import duty on gold in view of country's Current Account Deficit (CAD) position. "At present, there is no proposal under consideration to reduce the import duty on gold, taking into account the likely impact on the Current Account Deficit," Minister of State for Finance J D Seelam told the Lok Sabha in a written reply.