https://newsletter.mw.creamermedia.com
Gold|Refining|Infrastructure|Operations
Gold|Refining|Infrastructure|Operations
gold|refining|infrastructure|operations

India plans to cut gold import duty to arrest smuggling - sources

23rd January 2023

By: Reuters

  

Font size: - +

NEW DELHI/MUMBA - India plans to slash the import duty on gold because higher taxes have made it more profitable for smugglers, who can offer hefty discounts and denting the market share of banks and refiners, government and industry officials told Reuters.

The duty cut by the world's second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global price.

It could also revive operations of local gold refineries, which nearly suspended refining for the past two months as they could not compete with grey market operators.

"The government is considering bringing the effective gold rate to below 12%. The proposal is being discussed. We will take a final call soon," a government official, who did not wish to be identified, said.

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes.

Edited by Reuters

Comments

Showroom

Actom
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 28 March 2025
Magazine round up | 28 March 2025
28th March 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.108 0.178s - 145pq - 2rq
Subscribe Now