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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

Reuters  |  Mumbai 

Govt restricts imports of gold, silver from South Korea starting today

The Centre has restricted of gold and silver from from Friday. The move comes as traders have been taking advantage of a recent tax change that enabled them to avoid

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

To avoid duty-free from those countries, the government previously imposed a 12.5 per cent However, this was scrapped along with other local taxes when a (GST) was introduced on July 1.

After implementation of the GST, some trading houses started importing gold from without paying import tax, industry officials said.

The protection given under will not be applicable for of silver and gold from South Korea, the government said in a notice, but did not say how it would restrict

First Published: Fri, August 25 2017. 23:08 IST