Govt. raises import duty on gold jewellery to 15 pct

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Govt. raises import duty on gold jewellery to 15 pct

#1 Postby Shivani » Wed Sep 18, 2013 10:38 am

Govt. on tuesday hiked the custom duty on jewellery from 10% to 15%, widening its net to curb import of the yellow metal..this move has also been taken to protect the local industry as there was no difference between the customs duty on gold, silver and jewellery.

The finance ministry has said that this is to protect interests of small artisans, customs duty on articles of jewellery and of goldsmiths' or silversmiths' wares and parts thereof is being increased from 10% to 15%.

India's imports of gold jewellery stood at $137.57 million between April and July, a fraction of total bullion imports, which in July alone were valued at $2.9 billion.But now, The Economic Advisory Council to PM has projected that the inflows would decline to around $40 billion during the current financial year as the government has put in place a number of checks.

India has taken several steps to curb the import of gold..including raising the tax on bullion imports three times, to curb demand of the precious metal to reduce its trade deficit and support a weak rupee. As, this metal is considered to be the biggest non-essential item in India's import bill.

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