Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Jewellers Fear Import Duty Hike On Gold And Silver .


Date: 24-02-2011
Subject: Jewellers Fear Import Duty Hike On Gold And Silver
Traders fear that the government might raise import duty on gold and silver in Budget. If a duty hike is announced, it will be the third successive year of such a move.

The industry fears that an increase in the import duty may lead to smuggling and inflow of gold in the country through NRIs.

“We expect that import duty on gold and silver will be increased this year. Even the high prices did not deter the spirits of the consumers from buying these shinning metals which may lead to an increase in the import duty,” said Ram Parkash, president of Ghumar Mandi Jewellers Association.

Despite a manifold increase in prices, the duties were not reviewed between 2004 and 2009. In 2009, the government raised the duty on silver from Rs 500 to Rs 1,000 per kg.

The duty on gold bars was raised from Rs 100 per 10 gram to Rs 200 per 10 gram and on other forms of gold (excluding jewellery) from Rs 250 per 10 gram to Rs 500 per 10 gram.

In 2010, the import duty on gold was raised by Rs 100 to Rs 300 per 10 gram and by Rs 500 to Rs 1,500 per kg on silver. If the duties are increased then NRIs might play a substantial role in bringing gold to India.

“Lot of Punjabis are settled abroad and if import duty is increased then gold will flow into the country through them," added another jeweller Sikhri Chand from Sarafan Bazar. Another jeweller from Chaura Bazar said there is a speculation that the import duty on both gold and silver may be increased.

“Gold may be smuggled into the country if the import duty is increased which may lead to wide gap between the global and Indian prices,” he added.

Source : tribuneindia.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: 18-09-2025
Corrigendum
Corrigendum to Notification No. 9/2025 – Central Tax (Rate) dated 17.09.2025

Date: 17-09-2025
Notification No. 13/2025-Central Tax (Rate)
Seeks to amend Notification No. 21/2018- Central Tax (Rate) dated 26.07.2018.

Date: 17-09-2025
Notification No. 14/2025-Central Tax (Rate)
Seeks to notify GST rate for bricks.

Date: 17-09-2025
Notification No. 37/ 2025-Customs
Seeks to amend Notification No.19/2019-Customs dated 06.07.2019

Date: 17-09-2025
Notification No. 38/ 2025-Customs
Seeks to amend Notification No.29/2025-Customs dated 09.05.2025

Date: 17-09-2025
Notification No. 39/2025-Customs
Seeks to amend Notification No.50/2017-Customs, dated 30.06.2017

Date: 17-09-2025
NOTIFICATIONNo. 15/2025 – Central Tax
Seeks to exempt taxpayer with annual turnover less than Rs 2 Crore from filing annual return.

Date: 17-09-2025
NOTIFICATION No. 16/2025–Central Tax
Seeks to notify clauses (ii), (iii) of section 121, section 122 to section 124 and section 126 to 134 of Finance Act, 2025 to come into force.

Date: 17-09-2025
Notification No. 12/2025-Central Tax (Rate)
Seeks to amend Notification No. 8/2018- Central Tax (Rate) dated 25.01.2018.

Date: 17-09-2025
NOTIFICATION No. 14/2025 – Central Tax
Seeks to notify category of persons under section 54(6).



Exim Guru Copyright © 1999-2025 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 InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001