Diabytes
Gold Import News
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The modifications under India-UAE Comprehensive Economic Partnership Agreement (CEPA) between India and the Government of the United Arab Emirates (UAE), aligns India’s import policy schedule with modifications made in the Customs Tariff through Budget 2025.
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Will the $5 billion downward revision in gold imports be a positive thing for Indian Rupee? Check What analyst says.
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According to the report, the balance of payments (BoP) surplus is likely to be around USD 28-30 billion, supported by strong services exports and moderated capital inflows.
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In July last year, DGFT amended the import policy for unstudded jewellery, and other articles made of gold to the "restricted" category from earlier "free".
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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.
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Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent.
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.
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Within the investment category, while the demand for bars and coins declined by 32 percent to 148.8 tonne.
the electronic traded fund (ETFs) in gold and similar products surged by a whopping 300 per cent to 434.1 tonne.
COVID-19 created the perfect storm for gold investment as historic liquidity injections and record low interest rates significantly cut the cost of carrying gold.
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In value terms, May imports dropped to $76.31 million from to $4.78 billion a year ago.
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The import of the yellow metal stood at USD 3.97 billion in April 2019, according to the commerce ministry's data.
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However, silver recovered by Rs 100 to Rs 40,300 per kg on scattered enquiries from industrial units.
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In the March 2017 quarter, demand had stood at 131.2 tonne, WGC said in a report.
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BJP has alleged that Chidambaram had granted seven private firms gold import benefits on the day of the counting of 2014 Lok Sabha poll votes.
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Import of gold attracts a 10 per cent basic customs duty. On top of that a 12.5 per cent countervailing duty (CVD) was levied prior to GST.
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Gold imports more than halved to USD 4.97 billion in the first four months of the current fiscal, which is expected to keep a lid on the current account deficit.
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Gold imports fell by about 51 percent to USD 2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit.
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Jewellery sales is likely to fall by 40-50 tonnes in the January-March period due to the ongoing strike against proposed 1 percent excise duty on non-silver jewellery, according to ICRA
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Gold and jewellery establishments in many parts of the country remained closed today for the second day as traders protested against a budgetary proposal to levy 1 per cent excise duty on jewellery.
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Jewellers across the country have decided to go on a three-day strike from Wednesday to protest the proposed re-imposition of 1 percent excise duty and mandatory PAN cards for any transactions of Rs 2 lakh and above
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The government Wednesday raised import tariff value on gold marginally to USD 347 per 10 grams but reduced it on silver to USD 448 per kg, taking into account global price trend.
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