New Delhi: In India the finance ministry has decided to withdraw the control over Gold import by March this year. The government expects that the deficit of the current account will be decreased considerably to a considerable extend by that time.

Till last year India had imported a lot of gold from foreign countries. But the deficit of the current account was increased unexpectedly and created a severe blow to the economic stability of the country. On the basis of this, the central Government had increased the import tax on Gold for three times.

Currently, the import tax on Gold is 10%. The tax would be removed by the Government by March this year.