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The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession.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.
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 ...
Duty Free Tariff Preference. Duty Free Tariff Preference (DFTP) is a unilateral non-reciprocal preferential tariff scheme provided by the Government of India for the least developed countries (LDCs). The scheme was officially introduced on 13 August 2008. India was the first developing country to introduce a preferential tariff program for the ...
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 ...
One of the major functions of the Bureau is the formulation, recognition and promotion of the Indian Standards. As on 1 January 2019, over 20,000 Standards have been formulated by BIS, are in force. These cover important segments of economy, which help the industry in upgrading the quality of their products and services.
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. Import duty refers to taxes levied on imported goods, capital and services. The level of customs duties is a direct indicator of the openness of an economy to world trade.
MUMBAI (Reuters) -India's gold imports in September soared 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up ...
Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery.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]