Govt unlikely to ban gold imports or hike gold import duty: official

This, as it may lead to more gold smuggling

Government is unlikely to ban gold imports or increase import taxes on the metal further, as that may lead more gold smuggling, a senior finance ministry official said on Thursday.

The official added that the government has limited options to stall a record fall in the rupee.

The rupee has fallen to 59.9350 to the dollar, a day after US Federal Reserve Chairman Ben Bernanke confrimed the Fed would begin winding down its stimulus spending later this year, and data showed China's factory activity weakened to a nine-month low in June.