India not to ban gold imports or hike gold import duty

India is not likely to ban gold imports or increase import duties on the metal further, a Reuters report quoting a senior finance ministry official has said. The reports came after the rupee fell to a new low of almost 60 against the dollar.

The government has already increased import duty on gold to discourage their use, so as to prevent the Indian rupee from falling.

The Indian rupee fell to a low of 60 against the dollar, thanks in a measure to large gold imports.

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