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

Finance minister Arun Jaitley plans 2-5% cut in gold import duty in Budget.


Date: 04-06-2014
Subject: Finance minister Arun Jaitley plans 2-5% cut in gold import duty in Budget
Finance minister Arun Jaitley may give the Rs 2,51,000 crore worth domestic gems and jewellery industry, gold importers, and consumers some reason to cheer about. The ministry is likely to reduce the gold import duty by 2-4% from 15% now. This may form a part of the Budget announcement of finance minister Arun Jaitley.

A senior ministry official told dna on condition of anonymity, "We are examining the possibility of a cut in the gold import duty in the range of 2% to 4%. There is a high likelihood that a calibrated approach to curtailing the import duty on gold may be taken beginning from two per cent cut. The forex situation will be monitored closely after the cut, before any further decision is taken."

This may come as a change of stance with the new government taking over, as during the UPA regime, then finance minister P Chidambaram did not even entertain UPA chairperson Sonia Gandhi's request on gold import duty cuts. Former minister of state in finance ministry J D Seelam also announced in Rajya Sabha that the government has no plans to cut import duty.

The government is also revisiting the 80:20 curbs mandating that 20% of the imported gold has to be compulsorily exported. These restrictions were imposed by the government in the wake of the rupee crisis that saw the currency plummeting against the dollar in August last year.

Gems and jewellery sector forms almost 7% of the GDP and employs around thirteen lakh people in the country. India is the largest consumer of gold, accounting for 20% of the world demand.

It is the comfort on the recent current account deficit or CAD numbers, which is prompting the government to take a decision that could in turn give a fillip to the gems and jewellery export sector. The current account deficit has narrowed to 1.7% of the GDP in 2013-14, compared with 4.7% in the fiscal before that. In addition to that, the government has added $15 billion to the reserves in 2013-14.

The RBI has of late given enough signals that the government is ready to take a strong step on the gold imports. It recently allowed the trading houses apart from banks to import gold to boost the export oriented sectors. The finance ministry too has blinked by reducing the import tariff value on gold and silver. Industry body Assocham has also pitched for a 5% rate cut in the import duty on the bullion.

Source : dnaindia.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