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What recent change in gold import duty was introduced in the Budget 2024 to combat smuggling?
  • a)
    Increased from 6% to 10%
  • b)
    Reduced from 15% to 6%
  • c)
    Increased from 10% to 15%
  • d)
    Maintained at 15%
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What recent change in gold import duty was introduced in the Budget 20...
The Budget 2024 introduced a reduction in the gold import duty from 15% to 6%. This strategic move was aimed at combating smuggling and stabilizing the gold trade in India. Lowering import duties can make legal imports more attractive, thereby reducing the incentive for smuggling. This change is significant as it reflects the government's efforts to regulate the gold market and support legitimate trade practices, contributing to economic stability.
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