At the current level of imports, the government expects to earn a revenue of 48.30 billion rupees (USD 790 million) from the duty hikes for the rest of the financial year ending March 31, 2014.

India, the world's biggest buyer of gold, has been trying to curb imports of the yellow metal, which is the second biggest imported item after crude oil. On July 22, the central bank required a fifth of all gold imports to be used for export, usually in the form of jewellery.


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