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India's Gold Imports to Jump to Over 700 Tonnes in FY18: GJEPC

Addressing a press conference in New Delhi, Gems and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya demanded that the import duty on gold be brought down to 4-5 percent in the Budget, asserting that the prevailing 10 per cent import duty on the yellow metal gives rise to smuggling.

PTI

Updated:November 27, 2017, 6:02 PM IST
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India's Gold Imports to Jump to Over 700 Tonnes in FY18: GJEPC
Sabyasachi Ray, Chief Executive Director, GJEPC, said, they have imported 500 tonnes of gold in 2016-17. (Image for representation only).
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New Delhi: India's gold imports will jump to over 700 tonnes in the current fiscal as against 500 tonnes in 2016-17, a top industry association said on Monday.

Addressing a press conference in New Delhi, Gems and Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya demanded that the import duty on gold be brought down to 4-5 percent in the Budget, asserting that the prevailing 10 per cent import duty on the yellow metal gives rise to smuggling.

"The degree of difficulty of doing business in India and the import duty of 10 per cent is hampering our growth," he said.

However, Sabyasachi Ray, Chief Executive Director, GJEPC, said, "We imported 500 tonnes of gold in 2016-17. This year, we will import around 700 tonnes."

According to GJEPC, the introduction of 5 percent VAT in Dubai from January 2018 and the imposition of 5 per cent import duty on gold and diamond jewellery by the Gulf

nation in January this year, are bound to hit India's exports from the sector.

Dubai acts as a major transit point and accounts for over 50 percent of the USD 7.5 billion gold jewellery exports from India.

The Council expects gems and jewellery exports to remain flat at USD 43 billion in the current fiscal, on account of sluggish demand in international market, proposed

introduction of VAT and imposition of imports duty by Dubai, and teething problems under the GST regime.

Besides, Ray said the Niti Aayog and Department of Economic Affairs are working on a gold policy, and "most probably it will be announced in the Budget".

He said that post the announcement, there will be a uniform policy for gold and a regulator will be in place to implement it. The policy, he said, will address issues

including standardisation, imports, exchange mechanism for gold and refineries, etc.

The Council also demanded an authority like a Gold Board in India "to put a full stop to misuse of policies", claiming that 30-40 tonnes of gold had come without

payment of import duty under the free trade pact between India and Korea until it was plugged.

Pandya also demanded that the government should extend the Merchandise Exports from India Scheme (MEIS) to the gems and jewellery sector.
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