The Union Ministry of Finance issued a notification last night announcing a sharp increase in duty drawback rates for gold and silver jewellery effective today, in a move that is expected to make exports more viable for those who opt for drawback route.
The drawback has been raised from Rs 272 to Rs 372.9 per gram of gold jewellery, and effectively covers 86.74 per cent per cent of the import duty paid, up from 63.27 per cent earlier. For silver jewellery, the drawback has been raised from Rs 3,254 to Rs 4,332.2 per kg, covering 83.53 per cent of duty