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Government to announce changes in duties on gold, silver today

NEW DELHI: Finance Minister P Chidambaram on Tuesday said that he would come out with changes in the import duty of gold, silver and other non-essential items later in the day.

On when the government will table changes in the tariffs, he said, "later in the afternoon".

In order to contain sliding value of 
rupee and widening Current Account Deficit (CAD), Chidambaram had yesterday said he would announce steps to compress demand of gold, silver, oil and non-essential items.

The Minister had also said the notifications effecting changes in the duty rates would be tabled in Parliament today.

Besides changes in import duty structure, Chidambaram had yesterday announced other measures including easier overseas borrowing norms to fetch an additional USD 11 billion this fiscal to rescue rupee and contain the burgeoning CAD to $70 billion or 3.7 per cent of the GDP.

CAD touched all all time high of 4.8 per cent of the GDP in 2012-13.

The rupee, on account of various domestic and global factors, had slipped to 61.80 to a dollar earlier in the month.