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Gold to Become Costlier as Govt Proposes to Increase Import Duty to 12.5%

One of the largest gold importers in the world, India's gold and jewellery sector combined accounts for 75 of the country’s GDP. The industry employs 4.6 million workers and it is ever expanding.

News18.com

Updated:July 5, 2019, 2:07 PM IST
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Gold to Become Costlier as Govt Proposes to Increase Import Duty to 12.5%
Representative image.

Gold will be costlier as the union government today increased the import duty in the maiden budget presented by union Finance Minister Nirmala Sitharaman.

According to the Budget proposals, import duty on gold and precious metals Increased to 12.5% from current level of 10%.

One of the largest gold importers in the world, India's gold and jewellery sector combined accounts for 75 of the country’s GDP. The industry employs 4.6 million workers and it is ever expanding.

In the budget of 2018, finance minister announced that a comprehensive Gold Policy will be formulated to develop gold as an asset class. The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account.

The comprehensive gold policy intended to establish a regulated gold exchanges. It intends to establish an efficient system of regulated gold exchanges. The move was seen as positive for India’s market.

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