Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. Gold imports up 35.5 pc during Apr-Jun >
  5. Gold imports up 35.5 pc during Apr-Jun

Online Export Import Data Search

recentSearch
Complete Training Video : Click Here

Gold imports up 35.5 pc during Apr-Jun.


Date: 13-08-2019
Subject: Gold imports up 35.5 pc during Apr-Jun
New Delhi, Aug 12 () The country's gold imports, which have a bearing on the current account deficit (CAD), increased by 35.5 per cent to USD 11.45 billion (about Rs 80,000 crore) during April-June quarter of the current fiscal, according to commerce ministry data. 

Imports of the yellow metal stood at USD 8.45 billion (about Rs 59,000 crore) in the same period of 2018-19. 

CAD, which is the difference between the inflow and outflow of foreign exchange, increased to USD 57.2 billion or 2.1 percent of GDP in 2018-19 as against 1.8 per cent in the previous year. It stood at USD 48.7 billion in 2017-18. 

Increase in gold imports pushed the country's trade deficit marginally to USD 45.96 billion during April-June quarter of 2019-20 as against USD 44.94 billion in the same quarter previous fiscal. 

Since January this year, gold imports have recorded a double digit growth, except in February when it dipped by about 11 per cent. 

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually. 

To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on gold to 12.5 per cent from 10 per cent in this year's Budget . 

According to industry experts, due to high duty, businessmen of the sector could shift their manufacturing bases to the neighbouring countries. 

The Gems and Jewellery Export Promotion Council (GJEPC) had expressed disappointment over the hike in import duty. 

Gems and jewellery exports declined 5.32 per cent to USD 30.96 billion in 2018-19. 

The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion during 2018-19. RR RVK

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 13-08-2019
Notification No.59/2019 - Customs (N.T.)
Exchange Rates Notification No.59/2019-Custom(NT) dated 13.08.2019.

Date: 13-08-2019
Instruction No. 03/2019-Customs
Recovery of Export benefits given under incentive and Reward Schemes under Chapter 3 of FTP on re-import of export goods.

Date: 10-08-2019
NOTIFICATION No. 32/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of "Homopolymer of vinyl chloride monomer (suspension grade)" originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR.

Date: 08-08-2019
Notification No. 57/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.

Date: 08-08-2019
Trade Notice 29/2019-20
Online filling of applications for claiming assistance under Transport and Marketing Assistance (TMA) for Specified Agriculture Products Schem

Date: 08-08-2019
Notification No. 58/ 2019-Customs (N.T.)
Further amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997

Date: 08-08-2019
Circular No. 24/2019-Customs
Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era.

Date: 06-08-2019
Notification No. 31/2019-Customs(ADD)
seeks to amend notification No.12/2019-Customs (ADD) dated the 26.02.2019 as per Corrigenda issued by Designated Authority vide notification F. No. 6/45/2017-DGAD 31.05.2019.

Date: 05-08-2019
Notification No. 56/2019 - Customs (N.T.)
Exchange Rates Notification No.56/2019-Custom (NT) dated 05.08.2019

Date: 05-08-2019
Notification No. 33/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001