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Gold duty hike tackles symptom, not cause: Nomura

Gold imports are likely to ease to $44 billion in 2013-14 from an estimated $48.3 billion in 2012-13 in value terms

Read more on:    Gdp | Nomura | Gild Import Duty Hike
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The government's move to hike gold import tax will only shift gold shipments to 'unofficial channels', said .

"Therefore, in our view imposing import duty tackles the symptom, not the cause," Nomura said in a note.

Gold imports are likely to ease to $44 billion in 2013-14 from an estimated $48.3 billion in 2012-13 in value terms, marking a 0.2 percentage point drop, Nomura estimates.

Nomura says current account deficit could moderate to 4.3% of in FY14 from an estimated 4.9% in FY13, "remaining above sustainable levels," due to high oil prices and continued domestic supply-side constraints that boost imports.

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