New retail gold pricing mechanism

.....At a press conference here on Thursday, M.P. Ahmed, its general secretary, said an unfriendly tax regime and stringent norms of the Reserve Bank of India had created the crisis. “Sales have fallen by 30-40 per cent recently. When other States charge only one per cent sales tax, the Kerala government charges five per cent. Import duty has shot up from one per cent to 10 per cent in a short period. When an average of 60 tonnes of gold used to be imported a month, only 3.38 tonnes was imported in 2013,” he said..........

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