India, the world's biggest consumer of gold, raised import duties for the third time in 2013 to curtail CAD and stem rupee volatility. The government has increased the customs duty to 10% from 8% on the yellow metal, a move that helped the rupee edge up against the dollar but will make the commodity costlier by about Rs 600 per gram.
WHAT WE CAN KNOW:
IMPORT DUTIES: - Duties levied by the government in relation to imported items is referred to as import duty.
CAD (Current Account Deficit):- Occurs when a country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers.
Rupee volatility: Up-down of Rupee's value
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