The Centre has restricted imports of gold and silver from South Korea from Friday. The move comes as traders have been taking advantage of a recent tax change that enabled them to avoid customs duty. India, the world's biggest gold consumer after China, imposes a 10 per cent import duty on gold and silver, but this does not apply to countries with which it has Free Trade Agreements (FTAs), like South Korea. To avoid duty-free imports from those countries, the government previously imposed a 12.5 per cent excise duty. However, this was scrapped along with other local taxes ...
Govt restricts imports of gold, silver from South Korea
Move comes as traders were taking benefit of recent tax change, enabling them to avoid customs duty