India allows free import of gold

NEW DELHI - India allowed yesterday the free import of gold into the country, the world's largest consumer of the precious metal, and eased customs duties on other goods to boost trade.

By (AFP)

Published: Thu 29 Jan 2004, 11:59 AM

Last updated: Thu 2 Apr 2015, 12:13 AM

The move by the government came as it geared up for early national elections expected to be held in April or May.

"In keeping with demands from the trade we are allowing the free import of gold and silver into the country," said Commerce Minister Arun Jaitley while announcing India's interim import-export policy for the fiscal year 2004-2005.

He said the government would issue a more far-reaching import-export policy after national elections to be held later this year.

Jaitley also told a news conference the government would allow the duty free import of professional equipment for the booming services sector.

India's ruling BJP-led coalition government has pushed for national elections in April or May.

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