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The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession.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.
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Global map of countries by tariff rate, applied, weighted mean, all products (%), 2021, according to World Bank.. This is a list of countries by tariff rate.The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery.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 also plans to propose increasing energy product imports from the United States, estimated at over $11 billion in first eleven months of 2024, to alleviate trade imbalances.
The BIS Hallmark is a hallmarking system for gold as well as silver jewellery sold in India, certifying the purity of the metal. [1] [2] It certifies that the piece of jewellery conforms to a set of standards laid by the Bureau of Indian Standards, the national standards organization of India. India is the second biggest market for gold and its ...
In the year 2024–2025, gold and its finished items (HS code 71) were the second-largest traded items with 55.846 billion US$ 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 ...
DEPB (Duty Entitlement Pass Book ) is an export incentive scheme of Indian Government provided to Exporters in India. [1] Duty Entitlement Pass Book Scheme (DEPB) is an export incentive scheme. The objective of DEPB is to neutralise the incidence of Customs duty on the import content of the export product.