India raises import tax on gold to 12.5% from 7.5%

MUMBAI: India has raised its fundamental import obligation on gold to 12.5% from 7.5%, the federal government stated in a notification on Friday, because the world’s second largest client of the dear steel tries to dampen its demand.
India fufills most of its gold demand by imports, which have been placing stress on the rupee which hit a document low earlier this week.