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

Budget 2017: Finance Minister Arun Jaitley may lower import duty on gold.


Date: 23-12-2016
Subject: Budget 2017: Finance Minister Arun Jaitley may lower import duty on gold
Shares of gold companies such as Titan, TBZ and PC Jeweller were trading with losses on Thursday despite the buzz that Finance Minister Arun Jaitley may reduce the import duty on gold from the current 10 percent while presenting Budget 2017. PC Jeweller was down 0.82 percent at Rs 376, Titan was trading 0.88 percent lower at Rs 316, while Tribhovandas Bhimji Zaveri (TBZ) was down 2.15 percent down to Rs 61. 

Business news channel CNBC-TV18 had quoted agencies to say that the Modi government could take such a decision. 

A series of developments, starting with the re-instatement of an excise levy, norms on gold purchases above a threshold, global uncertainty and finally demonetisation have led to subdued demand for the yellow metal for most part of 2016. 

In October and November this year, gold imports picked up momentum after many months of decline.

Gold imports by India during the April-November 2016 period registered a significant decline, according to government data. In the first eight months of the financial year 2016-17, gold imports into India dropped by $6.9 billion, or 30.5 percent, to $15.72 billion from $22.62 billion in the corresponding period last year.

Gold demand for the three months ended September 2016 was estimated at 194.8 tonnes, down 28.2 percent from 271.2 tonnes in the quarter ended September 2015, according to World Gold Council (WGC).

As is known by now, Budget 2017 is likely to be presented on February 1 this year, in a departure from years of convention when the annual forward-looking document used to be presented on the last working day of February every year. 

This year's budget will also incorporate provisions pertaining to Indian Railways since the government has decided to do away with a separate budget for the rail network. Suresh Prabhu is India's railway minister.

Industry watchers, people, investors and analysts, apart from politicians would be keenly tracking Budget 2017 as it comes in the backdrop of a significant development called demonetisation that is being seen as weakening growth in the world's fastest-growing economy. 

Source: ibtimes.co.in

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: 30-05-2025
Notification No. 31/2025-Customs
Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10%

Date: 30-05-2025
Notification No. 38/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 26-05-2025
NOTIFICATION No. 37/2025-Customs (N.T.)
Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962

Date: 23-05-2025
Notification No. 30/2025-Customs
Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion.

Date: 23-05-2025
NOTIFICATION No. 36/2025 - Customs (N.T.)
Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul

Date: 15-05-2025
Notification No. 34/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025

Date: 30-04-2025
Notification No. 27/2025-Customs
Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025.



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