Page 2 - Gold Imports

Zero-duty unrefined gold imports take the shine off local players

Some refineries stayed away from giving an undertaking to govt. for not importing unrefined gold from LDCs

TRQ holders in India-UAE pact can import gold via IIBX bullion exchange

Indian jewellers having a valid license to import a specified quantity of gold at concessional customs duty from the UAE, under the free trade agreement, can import it through bullion exchange IIBX, according to a government notification. The Directorate General of Foreign Trade (DGFT) notification also said that those companies can obtain the physical delivery of the consignment through IFSCA (International Financial Services Centres Authority) registered vaults located in special economic zones, as per the authority's guidelines. The India-UAE free trade agreement, which came into force in May 2022, provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) provisions of the pact. The DGFT provides TRQ certificate to companies for imports and they are also notified by IFSCA. "Valid India UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same thro

Gold, silver prices unchanged; yellow metal trading at Rs 59,620 per 10g

The price of ten grams of 22-carat gold was Rs 54,650, at par with yesterday's price

Gold imports decline 30% to $31.8 billion in April-February 2023

India's gold imports, which have a bearing on the current account deficit, fell about 30 per cent to USD 31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry. Imports of the yellow metal stood at USD 45.2 billion in the corresponding period of 2021-22. The imports are in the negative zone since August 2022. Silver imports, however, rose by 66 per cent to USD 5.3 billion during April-February 2023. The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at USD 247.52 billion against USD 172.53 Billion in the year-ago period. According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal. "India imported about 600 tonnes of gold during ...

India's January gold imports plunge 76% to 32-month low on subdued demand

India did not slash the import duty on gold in its budget presented on Feb. 1 but raised the import duty on silver

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

Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more

Business Standard brings you the top headlines at this hour

Gems and jewellery exporters feel the heat of govt curbs on gold imports

Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

India's Dec gold imports plunge 79%; fall by over a third in 2022: Report

The drop in imports could help in bringing down India's trade deficit and support the rupee

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

Despite price fall, domestic gold trading at a discount to imports

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7

Gold imports up 6.4% to $13 billion in April-July this fiscal year

The imports stood at USD 12 billion during the same period a year ago

Coal is the new pain point as India grapples with a massive import bill

Quite low in the pecking order of inbound consignments at one point, the fossil fuel today accounts for a third of the value of crude entering the country

Gold imports surge multifold ahead of key festivals, wedding season

In value terms, May imports surged to $5.83 billion from $678 million a year ago

RBI issues norms for gold import by qualified jewellers through IIBX

The RBI on Wednesday came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers

India imports 651.24 tonnes of gold in financial year 2020-21, says govt

The import of toys, games, sports equipment from China is showing a declining trend

Gold imports surge 73% to $45 bn in April-Feb this fiscal on higher demand

India's gold imports, which have a bearing on the country's current account deficit (CAD), surged by about 73 per cent to $45.1 billion during April-February this fiscal on account of higher demand

Bumper wedding season may help push Indian gold imports to 6-year high

A recovery in consumer confidence and a retreat in gold prices from last year's peak are likely to further bolster demand

Wedding rush sets record, sends India's gold imports surging to 6-year high

About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year's expected annual total.

Indian economy will survive headwinds from a taper by US Fed, says FinMin

The Centre's fiscal deficit touched just 35 per cent of the Budget Estimates in the first six months of 2021-22