NEW DELHI (Reuters) - Finance Minister P. Chidambaram appealed to the population not to buy so much gold, speaking in a television interview a day after his 2013/14 budget surprised traders by keeping gold import duty unchanged at six percent.
But Chidambaram, who is trying to rein in imports by the world's biggest bullion buyer in order to curb a record current account deficit, told CNBC television on Friday the duty was not yet high enough to encourage smuggling.
Traders had expected a hike in duty to 8 percent in the budget.
(Reporting by Manoj Kumar; Writing by Jo Winterbottom)
You’ve reached your limit of 10 free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app