<h1>India Tackles Growing Current Account Deficit by Doubling Customs Duty on Gold and Platinum in 2012-13 Budget.</h1> The Government of India is addressing the rising current account deficit (CAD), which reached 4% of GDP by December 2011, primarily due to increased imports of petroleum, oil, lubricants, and gold. To mitigate this, the 2012-13 Union Budget proposes raising the basic customs duty on standard gold bars, high-purity gold coins, and platinum from 2% to 4%, and on non-standard gold from 5% to 10%. Additionally, the Reserve Bank of India has implemented measures to limit loans against gold by Non-Banking Financing Companies. These steps aim to manage the CAD by curbing gold imports.