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India Likely to Raise Import Duties on Precious Stones, But Spare Gold

Image for Representation.

Image for Representation.

A Finance Ministry official, who didn't want to be named, said the main reason for the planned increase in duties was to restrict the inflow of items displaced by an escalating US-China trade tensions.

New Delhi: India is likely to impose higher import duties on precious stones, certain types of steel and electronics but will spare gold to prevent smuggling, a finance ministry official told reporters on Monday.

The official, who didn't want to be named, said the main reason for the planned increase in duties was to restrict the inflow of items displaced by an escalating US-China trade tensions. The government is also trying to curb imports of "non-essential" items to support the rupee.

first published:September 24, 2018, 15:05 IST