Indian Current Affairs News June 2013

Government hikes gold, platinum import duty


The finance ministry of India announced a hike in gold import duty to 8% from current 6 percent in order to curb extremely high demand for the yellow metal. The government also hiked platinum import duty to 8% from 6%. This is the second hike in gold import duty since January. Gold import duty has been hiked to 8 percent from 2 percent in past two years. In the last two years import duty on gold has gone up almost eight fold compared to the Rs 300 per 10 grams that used to be before 2012. In April, 2013, gold and silver imports surged by 138 percent to USD 7.5 billion, as against USD 3.1 billion a year ago.
The World Gold Council (WGC) expects India's gold import to touch a record level at 300-400 tonne in April-June quarter. Higher gold imports have been the key reason for the widening current account deficit which touched a record high 6.7 percent of GDP in the December quarter. The Finance Minister has been saying that the current account deficit and the rupee are very important to monitor at this point in time.

Did you know


1. Current account deficit of India touched a record high 6.7 percent of GDP in the December quarter.
2. Higher gold imports have been the key reason for the widening current account deficit.

This post contains the Indian current affairs of June 2013. These are short current affairs 2013 notes for quick review.
Incoming Search Keywords 
1. Indian current affairs for Competitive Exams
2. Indian current affairs for Bank Exams
3. Indian current affairs for UPSC and PSC Exams
See more under Indian News

0 comments: