Govt bans gold import at zero duty from South Korea

Revenue loss estimated at Rs 750 crore

The director general of foreign trade (DGFT) on Friday notified the withdrawal of the zero-duty import facility for gold, silver, and their coins and articles.

The facility was being misused for importing duty-free gold from South Korea from July.

Now with immediate effect, such import has been banned by the government.

The DGFT issued the notification withdrawing the facility given under a free trade agreement (FTA) with South Korea signed in 2009 regarding gold, silver and their articles.

Sudheesh Nambiath, Lead Analyst (Precious Metals Demand), GFMS Thomson Reuters, said: “Since July approximately 27 tonnes were imported at zero import duty