After a blistering 12.24% return on gold over the past year, the government has stepped in to curb imports of physical gold. In Budget 2019, finance minister Nirmala Sitharaman hiked the customs duty on the precious metal from 10% to 12.5%. The decision flew in the face of a recommendation NITI Aayog made in 2018 to reduce customs duty on gold to discourage smuggling and improve tax compliance. The duty hike makes buying physical gold yet more expensive for India’s retail investors and consumers.
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