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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 

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 ...

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