Gold Import Duty
Rupee weakens to record closing low, approaches 96 against the dollar
Persistent importer demand, elevated crude oil prices and West Asia tensions pushed the rupee to a record closing low despite RBI intervention
 "Rupee weakens to record closing low, approaches 96 against the dollar")
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")
Govt has no plan to raise gold, silver import duties amid market volatility
India is the world's second-largest consumer of gold and the largest consumer of silver
 "Govt has no plan to raise gold, silver import duties amid market volatility")
India plans to cut gold import duty to arrest smuggling: Govt officials
The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes
 "India plans to cut gold import duty to arrest smuggling: Govt officials")
India raises base import price of palm oil, gold as prices surge globally
India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold
 "India raises base import price of palm oil, gold as prices surge globally")
How will the hike in import duty of gold affect customers in India
Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively
 "How will the hike in import duty of gold affect customers in India")
Import duty hike likely to weigh on stocks of gold jewellery retailers
Analysts were bullish on Titan before, but may downgrade target price
 "Import duty hike likely to weigh on stocks of gold jewellery retailers")
Top headlines: Gold import duty raised to 15%, GST receipts up 56% in June
India's factory output expanded at its slowest pace in nine months in June. More on that in our top headlines
 "Top headlines: Gold import duty raised to 15%, GST receipts up 56% in June")
Budget 2020: Commerce ministry seeks a reduction in import duty on gold
Gross export of gems and jewellery declined by 5.3% to $27.7 bn for the first nine months of this FY
 "Budget 2020: Commerce ministry seeks a reduction in import duty on gold")
India's seizures of smuggled gold jumps in June quarter: Official
The illegal trade could rise further in coming months as India, the world's second biggest gold consumer, raised an import tax on gold by 2.5 percentage points to 12.5% in July's federal budget
 "India's seizures of smuggled gold jumps in June quarter: Official")
Slash GST rate, bring down import duty on gold from 10%: Niti Aayog to Govt
Slash GST rate, bring down import duty on gold from 10%
 "Slash GST rate, bring down import duty on gold from 10%: Niti Aayog to Govt")
As trade deficit falls, Centre may reduce import duty on gold: Official
India's trade deficit narrowed more-than-expected to $12.96 billion in June
 "As trade deficit falls, Centre may reduce import duty on gold: Official")