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Gold import duty News

12 Dec 2022

Gold Smuggling reaches three-year high post govt import duty hike

Seizures of smuggled gold in India reached a three-year high this year. Government raised the import duty on the precious metal. So-called grey market operators try to avoid the import duties by selling gold at discounts to market prices.

24 Sep 2018

India likely to raise import curbs on various items, gold to be spared

The government is also trying to curb imports of "non-essential" items to support the rupee.

24 Jan 2017

Budget 2017: GJF wants 5% import duty; PAN card limit to Rs 5 lakh

The dometic gems and jewellery industry, which went through a lot of turmoil in 2016, has urged the government to increase the mandatory PAN card limit to Rs 5 lakh and above and reduce the import duty on gold to atleast 5 percent in the Union Budget 2017-18.

23 Feb 2016

India's February gold imports seen at lowest since 2013

India`s imports of the metal are expected to drop to 25 tonnes in February, according to a median of estimates from five industry participants, including bank dealers and traders.

17 Aug 2015

UAE raises gold import duty issue with India

The UAE Monday raised the issue of India's high gold import duty affecting its exports to the country even as the two nations agreed on a wide range of steps to boost their economic ties.

18 Mar 2015

Smuggled gold seizures jump as duty stays high

Trade Minister Nirmala Sitharaman told lawmakers on Wednesday the number of gold seizures in first 10 months of the 2014/15 fiscal year to the end of January had jumped to 3,412 from 2,450 for the whole of the previous year.

Gold import duty

26 Feb 2015

Commerce Ministry seeks cut in gold import duty

With a decline in gold imports, Commerce Ministry has sought reduction in import duty on gold, a step that could boost exports and manufacturing of gems and jewellery.

05 Feb 2015

'Govt may consider import duty cut on gold in Budget'

With decline in gold imports, the government may consider 2-4 percent reduction in import duty on it in the forthcoming Budget, a move that could help boost exports and manufacturing of gems and jewellery, sources said.

21 Jan 2015

Gold discounts widest in 17 months, jewellers anticipate duty cut

Indian gold importers are offering a discount of up to $16 an ounce versus London prices, the widest in 17 months, as jewellers curtail purchases ahead of a possible cut in the import duty.

14 Jan 2015

GJF wants import duty to be cut to 2%

Gems and jewellery traders have asked the government to cut down the duty on gold to two percent from current 10 percent.

11 Jan 2015

Jewellers urge govt to reduce gold import duty to 2%

The jewellery industry has asked the government to reduce customs duty on gold to 2 percent, from 10 percent at present, in order to check smuggling of the precious metal.

04 Dec 2014

Cut in gold import duty unlikely before Budget

Any revision in gold import duty is unlikely to take place before the Budget and there is no proposal as of now to reduce the 10 percent duty, a finance ministry official said.

02 Dec 2014

Govt may change duty import structure for gold: Rajan

Hinting that government may change duty structure for gold, Reserve Bank Governor Raghuram Rajan today said the 80:20 import curb was scrapped to remove distortions it was creating in the precious metal trade.

01 Oct 2014

Govt cuts import tariff value on gold & silver

The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis considering volatile global prices.

10 Sep 2014

India says not considering immediate gold import duty cut

India is not considering an immediate cut in gold import duties, Trade Minister Nirmala Sitharaman said on Wednesday, extending a policy that has helped narrow the country`s trade deficit but is believed to have led to an increase in smuggling.

Gold import duty

10 Sep 2014

No immediate plan to cut gold import duty: Nirmala

Following a sudden spurt in gold import in the beginning of 2013, the government had hiked import duty on the precious metal to 10 percent in phases.

10 Sep 2014

Govt not considering immediate gold import duty cut

The government on Wednesday said it was not considering any immediate cut in gold import duty, which was hiked to 10 percent last year to check widening Current Account Deficit (CAD).

14 Aug 2014

Gold imports dip 26.39% to $1.81 billion in July

Imports of gold in July 2013 stood at USD 2.46 billion.

14 Aug 2014

Gold import falls by 43% to 351 tonnes in H1, 2014

Gold imports fell by 43 percent to 351 tonnes in the first six months of this year as a hike in import duty curbed inbound shipments, according to the World Gold Council (WGC).

Commerce Minister

12 Aug 2014

Commerce Minister for easing of gold import restrictions

With restrictions on gold imports leading to rise in smuggling, Commerce and Industry Minister Nirmala Sitharaman has pitched for relaxing gold import duty as it is 'badly' hurting the gems and jewellery industry.

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