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Citizens want import tariff on gold hiked to arrest rupee slide

About 67 per cent people participating in an online poll said import duty on gold and diamond should be increased while 37 per cent favoured import restrictions on the same.

Published: 23rd September 2018 10:48 PM  |   Last Updated: 23rd September 2018 10:48 PM   |  A+A-

Gold bars

Image used for representational purpose only. (File photo | Reuters)

Express News Service

NEW DELHI: The government should increase import restrictions and import duty on gold and high-end cars and smartphones to address the fall in rupee, citizens feel.

About 67 per cent people participating in an online poll said import duty on gold and diamond should be increased while 37 per cent favoured import restrictions on the same.

The rupee recently touched all-time low against the US dollar — from 67 a few months back to 72.99. While the fall in rupee’s value is being called a temporary phenomenon, the government is already mulling import curbs on several non-essential items to control the outflow of dollars. This includes increasing the import duty on steel to 15 per cent and putting curbs on import of gold and high-end electronic items.

LocalCircles conducted a short survey to understand citizens’ views on the issue. The survey received close to 23,000 votes. People were asked that in what sector India should introduce import restrictions immediately to address the decline in rupee. While 37 per cent said gold and diamonds and 20 said expensive smartphones, 27 per cent people favoured it on high-end cars. About 16 per cent respondents said no import restrictions should be introduced.

The second question asked was what products should India increase import duties on to address the decline of the rupee. Nearly 67 per cent said gold and diamond. The current import duty on gold is 10 per cent.

The final question asked was, by how much the government should raise the tariff on gold. While 46 per cent people suggested 4 per cent, nearly 33 per cent people were unsure about it.

The demand for gold has already fallen this year compared to last year and the World Gold Council has warned India against curbs on imports. Jewellery shares have also sliding due to the fear of curbs being put on import of gold.

Gold losing glitter/ Rupee value higher than gold

Questions asked in an online survey:

In what sector should India introduce import restrictions immediately to address the decline in rupee?

37%: Gold & diamond

20%: Expensive smartphones

27%: High-end cars

16%: No import restrictions

On what products should India increase import duty to arrest rupee’s slide?

67%: Gold & diamond

9%: Steel

8%: Thermal coal

26%: Electronic items (smartphones, printers, laptops etc.

By how much should the government increase import duty on gold?

46 per cent people: 4%

6 per cent: 3%

15 per cent: 15%

33 per cent: Not sure

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