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India raised the import duties on gold and other precious metals on Friday in a surprise move that industry officials say could dampen retail demand and boost smuggling in the world's second ...
The level of customs duties is a direct indicator of the openness of an economy to world trade. However, there may also be import barriers that are not based on the levy of duties. The following table shows the tariff rate, in percentages, according to United Nations Conference on Trade and Development (UNCTAD) , [ 1 ] World Trade Organization ...
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. High demand for gold in India with negligible indigenous production results in gold imports, leading to drastic devaluation of the Indian rupee and depletion of foreign exchange reserves to alarming levels.
India is considering hiking import duties by 5%-10% on more than 50 items including smartphones, electronic components and appliances in the upcoming budget, three government sources privy to the ...
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and ...
In the year 2024–2025, gold and its finished items (HS code 71) were the second-largest traded items with 55.846 billion US$ worth imports and 41.692 billion US$ worth re-exports after value addition, and a significant amount of this Gold is being imported from Japan as Gold Chemical Compounds to save duty and import tax free under India ...
Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery. [4] In the 2011–12 period India's current account deficit burgeoned to 4.2% of its GDP. [5] This was due to high prices of oil and gold, which the country imports in huge volumes. [6]
India has removed import duties on some components key to producing mobile phones, Finance Minister Nirmala Sitharaman announced in the annual budget on Saturday, in a boost for local production ...