India Tightens Gold Import Rules Amid Rising Duties
In response to increasing gold imports and a growing import bill, India's government has tightened regulations on gold imports, particularly under the Advance Authorisation scheme. The import duty on gold and silver has risen sharply to 15%, while a 100 kg limit is placed on duty-free gold imports for jewellery exporters.
In a decisive move to curb the surging gold import bill, the Indian government has imposed a 100 kg cap on gold imports under the Advance Authorisation scheme. This scheme allows duty-free imports of raw materials for export products.
The changes come after a sharp increase in import duties on precious metals, designed to discourage non-essential imports amid economic concerns and a weak rupee.
Prime Minister Narendra Modi's policy to reduce unnecessary foreign exchange expenditures played a crucial role in these measures, as India's gold import costs hit a record high.
(With inputs from agencies.)
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- India
- Gold
- Import
- Advance Authorisation
- Duty
- Export
- Jewellery
- Foreign Exchange
- Modi
- Rupee
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