Gold Import April
Gold imports from Dubai may increase after import duty hike: GTRI
The significant increase in the import duty on gold from 6 per cent to 15 per cent may lead to an increase in imports from Dubai through the free trade agreement route, think tank GTRI said on Wednesday. It said that the duty hike also sharply changes the economics of precious metal imports routed through the United Arab Emirates under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India had allowed imports of gold from Dubai at tariffs one percentage point below the normal Most-Favoured-Nation (MFN) rate through a Tariff Rate Quota (TRQ) system. The quota began at 120 tonnes annually in 2022 and is set to rise to 200 tonnes by 2027, nearly one-fourth of India's yearly gold imports. "With the new MFN tariff structure taking effective duties to 15 per cent, gold imported under the UAE quota would enter at 14 per cent. The widening tariff gap could encourage greater routing of global bullion through Dubai, even though the UAE is not a miner of gold or silver," the
 "Gold imports from Dubai may increase after import duty hike: GTRI")
India's April gold imports seen down 57% to 15 tonnes, near 30-year low
In 2017, when India adopted the IGST, gold-importing banks were exempted from paying the 3% levy
 "India's April gold imports seen down 57% to 15 tonnes, near 30-year low")
April gold import at 75 tonnes
This Akshaya Tritiya day, 35-40 tonne of gold and jewellery is estimated to have been sold
 "April gold import at 75 tonnes")