Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Plan to Import Gold From Russia on Bond Basis to Help Jewellery Sector: Suresh Prabhu

To further strengthen economic ties with Russia, the minister has proposed to develop agriculture and creation to corridor to facilitate smooth movement of consignments.

PTI

Updated:May 31, 2018, 4:29 PM IST
facebookTwitterskypewhatsapp
Plan to Import Gold From Russia on Bond Basis to Help Jewellery Sector: Suresh Prabhu
File Photo of Suresh Prabhu (PTI Photo).
Loading...

New Delhi: The government is mulling a proposal to import gold from Russia to help gems and jewellery exporters provided they agree to ship out the entire consignment after value addition, Commerce and Industry Minister Suresh Prabhu has said.

Under the 'bonded basis' imports, the duty free consignment will not be allowed for domestic use and the entire gold will have to be exported after value addition.

The scheme is expected to help save foreign exchange and cut the country's import bill in US dollar terms.

The idea was floated by Prabhu during his recent visit to St Petersburg International Economic Forum (SPIEF) 2018.

"Huge gold resources are there in Russia and we have a huge potential of jewellery exports from India. It is a labour intensive sectors. Import of gold affects current account deficit." he told PTI.

"Therefore, I have proposed to them that can we import gold from Russia on a bonded basis. That will come here but will not be treated as imports and that will be used only for value addition and then export," he said.

Prabhu said he will be discuss the proposal at the highest level.

India's gold imports declined by about 13.5 per cent to USD 27.4 billion in 2016-17. It is one of the largest gold importers in the world, led by demand from the jewellery industry.

The idea assumes significance as the gems and jewellery exporters have raised issues over high import duty on gold. Currently there is a 10 per cent customs duty on the yellow metal.

Prabhu has also proposed to Russia to increase exports of rough diamond for cutting and polishing here. India is the world's largest cutting and polishing centre.

To further strengthen economic ties with Russia, the minister has proposed to develop agriculture and creation to corridor to facilitate smooth movement of consignments.

'This was a very important and productive visit," he said, adding that in September the ministry is planning to invite 100 Russian industrialists to make goods in India and promote business between the two sides.

According to government the data, the bilateral trade between the countries increased to USD 7.5 billion in 2016-17 from USD 6.2 billion in the previous fiscal. But the trade is in the favour of Russia.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 9,016.25 0.21
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,714.20 1.68
Infosys 799.55 0.84
Bajaj Auto 2,764.00 0.77
HUL 1,849.90 0.48
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results