You are here:HomeCommodities

Government lowers import duty on 'gold findings' to 4%

close

 

The government has lowered the customs duty on 'gold findings' to 4 per cent from 10 per cent, a development which the industry says will promote jewellery exports.
 
The Central Board of Excise and Customs (CBEC) has lowered the import duty on gold bars, gold coins having gold content not below 99.5 per cent and gold findings, other than imports of such goods through post, courier or baggage.
 
Gold findings are small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place.
 
"The high duty on findings had started depicting an adverse effect on the total export of jewellery from the
country," Gem and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain said, while welcoming the government decision to reduce the import duty to 4 per cent.
 
Gems and jewellery export account for 14 per cent of the total exports earnings of the country, Jain said.
 
The import duty on gold findings has been increasing over the last two years.
 
In the Union Budget for the year 2010-11, first, it was increased from Rs 500/10 gms to Rs 750/10gms.
The same was increased on January 16, 2012 from Rs 750/10gms to 5 per cent which was subsequently increased to 10 per cent in the 2012-13 Budget. 

 

Story first published on: September 20, 2012 22:14 (IST)

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Social Sharing

Advertisement

Advertisement

Portfolio
 

More From NDTV

More From the WEB

Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.