Gold Import

Duty-free import limit of jewellery via passengers raised

To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year or a person who is transferring his residence to India. ...  

Government hikes import tax on gold and platinum

The government on Monday hiked import duty on gold and platinum to six per cent from four per cent with immediate effect. The decision came from the government as the rising import of gold was hurting country's balance of trade and foreign exchange. ...  

Gold imports could fall 25 per cent on duty hike

India's gold imports could drop by up to a quarter this year if, as expected, the government again raises the duty on the precious metal, the chairman of the All India Gems and Jewellery Trade Federation said on Thursday. Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6 per cent in the budget scheduled for February 28. ...  

Importing gold may get costlier, hints Chidambaram

Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. ...

Govt considering steps to contain gold imports: Chidambaram

Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. "Demand for gold must be moderated...We may be left with no choice but to make it a little more expensive to import gold. The matter is under government consideration," he said. ...  

Gold import may drop by 40 pc in next 4 months: BBA

Mumbai: The import of gold is likely to decline by 40 per cent in the last four months of the year to about 200 tonnes due to fall in demand for the yellow metal amid high prices and poor monsoon, Bombay Bullion Association said on Tuesday. "Import of the precious metal is not very encouraging and we expect about 40 per cent drop in shipments into the country at 200...  

Need to dissuade people from investing in gold: Pranab

Mumbai: Worried over flow of savings for investment in gold, Finance Minister Pranab Mukherjee on Saturday said there is a need to spread financial literacy to encourage people to invest in market instruments. Pointing out that India's gold import surged to $60-62 billion in last fiscal, the Minister regretted that people are investing in gold with the expectation that the value of their investment would appreciate. "Quantum of import of...  

India's trade deficit widens on crude import bill

New Delhi: India's trade deficit is seen at $185 billion in the 2011/12 fiscal year on higher crude import bill, the trade minister said citing provisional data, which may worsen the country's current account balance and further weaken the rupee. Asia's third-largest economy imports nearly 80 per cent of its crude oil needs, leaving it vulnerable to the vagaries of the oil market. "The trade deficit is primarily because of...  

Jewellers' strike still on; silver sales poor

Mumbai: Jewellers plan to continue their strike, hurting demand and halting imports of gold and silver in the world's biggest buyer of bullion, an industry body head said on Monday. "We are still striking... We are expecting to hear from the finance minister in a day or two," said Baccharaj Bamalwa, chairman of All India Gems and Jewellery Trade Federation. The strike had started on March 17, a day after...  

Gold imports surge by 71 per cent in April

The April-July period is the peak domestic season, comprising both festivals and marriage. ...