Govt rules out rollback of increased import duty on gold

Finance Minister Pranab Mukherjee on Tuesday said that RBI is in consultation with Finance Ministry and will take appropriate steps on the issue of high interest rates.

He also said that the demand for rollback of excise duty on non-branded jewellery and the requirement of a PAN card to buy jewellery worth Rs2 lakh will be considered, but the govt ruled out rollback of increased import duty on gold.

I understand plight of small jewellers and an acceptable solution will be found, Pranab said.

He dismissed apprehensions over the move to amend tax laws retrospectively and said that cases beyond six years will not be reopened.

India is not tax haven and tax laws will be amended retrospectively to stop outflow of revenue, he added.