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MTECHTIPS

MTECHTIPS

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Published by MtechTips
MTECHTIPS;-India Gold imports at 950 tons in 2012; 250 tons of Gold smuggled :GJF

High customs duty and sale of bullion without proper monitoring in India has led to smuggling of 200-250 ton of gold in 2012, according to estimates by All India Gems and Jewellery Trade Federation (GJF). Gold imports continued in India even after the customs duty hike last year.India imported over 900 tons of gold in 2011, but none of it came through smuggling, said representatives of the gems jewellery industry. The imports of yellow metal in 2012 is at 950 tons, out of which 250 tons came through smuggling.“The hike in customs duty did not stop gold imports into India, but only changed the route as smugglers earn a profit of around Rs 200,000 on every kilogram of gold smuggled into the country,” said GJF Chairman Bachhraj Bamalwa in a press conference.India is the largest consumer of gold in the world and most of the needs is met through imports. This has led to a huge problem of widening current account deficit (CAD) because of outflow of the foreign exchange on gold imports.The CAD widened to $38.7 billion or 4.6 per cent of the GDP in the first half of the current financial year. This has lead government to hike the customs duty from 4 per cent to 6 per cent. In the Budget for 2012-13, it was raised from 2 per cent to 4 per cent.
WWW.MTECHTIPS.COM
07489294118/119v
MTECHTIPS;-India Gold imports at 950 tons in 2012; 250 tons of Gold smuggled :GJF

High customs duty and sale of bullion without proper monitoring in India has led to smuggling of 200-250 ton of gold in 2012, according to estimates by All India Gems and Jewellery Trade Federation (GJF). Gold imports continued in India even after the customs duty hike last year.India imported over 900 tons of gold in 2011, but none of it came through smuggling, said representatives of the gems jewellery industry. The imports of yellow metal in 2012 is at 950 tons, out of which 250 tons came through smuggling.“The hike in customs duty did not stop gold imports into India, but only changed the route as smugglers earn a profit of around Rs 200,000 on every kilogram of gold smuggled into the country,” said GJF Chairman Bachhraj Bamalwa in a press conference.India is the largest consumer of gold in the world and most of the needs is met through imports. This has led to a huge problem of widening current account deficit (CAD) because of outflow of the foreign exchange on gold imports.The CAD widened to $38.7 billion or 4.6 per cent of the GDP in the first half of the current financial year. This has lead government to hike the customs duty from 4 per cent to 6 per cent. In the Budget for 2012-13, it was raised from 2 per cent to 4 per cent.
WWW.MTECHTIPS.COM
07489294118/119v

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Categories:Types, Business/Law
Published by: MtechTips on Feb 08, 2013
Copyright:Attribution Non-commercial

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02/08/2013

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