Revenue dept advised to suspend pref gold imports from Thailand
The government has advised the Revenue Department to suspend preferential import of gold jewellery from Thailand, Parliament was informed on Thursday.
New Delhi: The government has advised the Revenue Department to suspend preferential import of gold jewellery from Thailand, Parliament was informed on Thursday.
The suggestion by the government to suspend imports comes in the wake of doubts raised over the accuracy of information given on the Certificates of Origin issued by Thailand under the Early Harvest Scheme.
"Department of Revenue has been advised to suspend preferential import of gold jewellery with identified tariff lines from Thailand till the retroactive check is conducted by the Thai side," Minister of State for Commerce and Industry D Purandeshwari said in a written reply to the Rajya Sabha.
A request has been made to Thailand for retroactive check of Certificates of Origin, Purandeshwari said.
India and Thailand signed a Framework Agreement for establishing an India-Thailand Free Trade Agreement on October 9, 2003. There is an Early Harvest Scheme under this Framework Agreement which covers certain items for concessional trade including gold jewellery.
Thailand is also a part of ASEAN-India Agreement on Trade in Goods signed on August 13, 2009 where gold jewellery is included for concessional trade.
As per provisional data, imports of gold jewellery during April to December 2012-13 stood at USD 95.48 million, as against USD 109.79 million during the corresponding period of the previous year.