Reducing Import Duty on Gold to 5 Per Cent on GJEPC Budget Wishlist

16-Jan-2017
Reducing Import Duty on Gold to 5 Per Cent on GJEPC Budget Wishlist

MUMBAI: To curb grey market and boost the organised players, the Gem and Jewellery Export Promotion Council (GJEPC) is expecting Finance Minister Arun Jaitley to reduce the import duty on gold to around 5 per cent in the upcoming Union Budget.

"We are expecting the Finance Minister to reduce the import duty on gold to up to 5 per cent to boost the organised players in the Country. Any duty on gold that is beyond 5 per cent encourages the grey market," GJEPC Chairman Praveen Shankar Pandya said recently.

He said a high import duty of 10 per cent has hampered the export of jewellery due to blockage of high amount of capital and has increased probability of trafficking of gold through parallel channels into the Country.

Source: Dailyshippingtimes.com

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