Page 2 - Gold Import

Commerce ministry backs import tax cuts on gold bars: Govt officials

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

Switzerland's gold exports up in August due to higher shipments to India

Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season

Import restrictions on gold jewellery not applicable for SEZ units

The government has clarified that import restrictions on certain gold jewellery and articles are not applicable for units in the special economic zones (SEZs). On July 12, the government, through a notification, imposed these restrictions on certain gold jewellery and articles. In a policy circular, the Directorate General of Foreign Trade (DGFT) said it has received representations from SEZs units highlighting issues being faced by them due to these restrictions. Accordingly, it is "clarified" that imports of these products by SEZ units "are outside the purview" of the July 12 notification, the Directorate General of Foreign Trade (DGFT) said. These zones are treated as foreign entities in terms of provisions related to customs.

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India-UAE agreement: Easier norms for gold import on the anvil

During May-March (2022-23), out of 110 MTs TRQ of gold allocated, only 8.1 MT was imported

Find gold import and smuggling link, says FM Nirmala Sitharaman

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

Gold imports decline 17% in Apr-Oct to $24 billion as demand falls

Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about USD 24 billion during April-October due to fall in demand, according to the data of the commerce ministry. Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22. The imports during October this year also contracted by 27.47 per cent to USD 3.7 billion, the data showed. Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22. The merchandise trade deficit for April-October 2022 was estimated at USD 173.46 billion as against USD 94.16 billion in the year-ago period. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually. Gems and jewellery exports rose marginally by 1.81 per cent to USD 24 billion

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The country's demat account tally topped the 100 million-mark for the first time, in August. Over 2.2 million new accounts were opened last month

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

India's June gold imports treble from year ago on price correction

The country had imported 49 tonnes of gold in June, compared with 17 tonnes a year earlier, the source said on condition of anonymity

High duty may extend slack season for gold, keep prices in check for now

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

Govt raises import duty on gold to 15% from 10.75% to curtail CAD

Last year, the government had cut the tax on gold imports to 7.5% in the Union Budget

India now the fourth largest gold recycling country: World Gold Council

Over the past five years, 11 per cent of India's gold supply came from 'old gold'; driven by movements in the gold price

India's gold imports bounced back to 1,067 tonnes in 2021: GJEPC

India's gold imports bounced back to 1,067.72 tonnes in 2021 from 430.11 tonnes during 2020 when the demand was hit due to the COVID-19 pandemic, Gem Jewellery Export Promotion Council (GJEPC) said

India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021

India's gold imports, which has a bearing on the country's current account deficit (CAD), more than doubled to $38 billion during April-December this fiscal

Gold price rises as investors focus on Federal Reserve for hike hints

Spot gold was up 0.32 per cent at $1,820.41 per ounce by 1132 GMT

India spends record $55.7 billion on gold imports in 2021: Report

The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to an official

Imports made up 86% of India's gold supply between 2016-2020: WGC

Imports made up 86 per cent of India's gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty, as per a report by the World Gold Council (WGC)

India's September gold imports surge as prices correct ahead of festivals

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices

India's August gold imports nearly double on price correction: Report

Gold imports in August nearly doubled from a year ago to their highest level in five months on an improvement in demand and as a correction in prices prompted jewellers to ramp up purchases