India Trade Ministry Seeks to Cut Gold Tariff to Curb Smuggling

The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the Finance Ministry to consider reducing the tariff to about 10% from 12.5%, two of the people said, asking not to be identified as the deliberations are private. It’s as yet unclear if the recommendation will be accepted and a decision could be announced at or before the budget presentation due early next year, they added.