India needs to rationalise gold import duty

NEW DELHI: India needs to "rationalise" duty on gold imports, which plunged 72 percent in May, Trade Secretary Rajeev Kher told reporters on Wednesday.

Following a steep rise in the country's current account deficit, India raised the gold import tax last year to 10 percent from 4 percent.

Separately, Kher said his ministry was not considering raising import duty on sugar, as the matter had not been brought to his notice.

Last week Food Minister Ram Vilas Paswan said India will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers.