0754 GMT [Dow Jones] The Indian government’s decision not to reduce the import tax on gold during the federal budget Saturday has disappointed industry officials. The finance minister completely overlooked one of the most significant areas to curb black-market trade, says Vipul Shah, chairman of the Gem and Jewelry Export Promotion Council. Jewelers were demanding a cut in import tax on the precious metal to 2% from 10% to curb imports through illegal channels. “Smuggling of gold plagues the industry and leads to illegal trading,” Shah says. The import tax reduction would have helped regulate the problem to a very large extent, he adds. (vibhuti.agarwal@wsj.com)
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