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Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery.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]
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession.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 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 ...
In the year 2024–2025, gold and its finished items (HS code 71) were the second-largest traded items with 558.465 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 ...
When the DFTP scheme was introduced in 2008, India committed to eliminating customs duties on over 85% of tariff lines (for items in the Harmonized System 6-digit level of classification), reducing duties on the basis of a prescribed margin of preference [a] for 9% of tariff lines, and maintaining duties on the remaining 6% tariff lines over a period of 5 years.
On Wednesday, Dec. 25, the singer-songwriter, 79, shared rare video footage on Instagram of him performing "Silver & Gold," the title track from his eponymous 2000 album, which was written in 1981.
British Indian Ocean Territory: 56.64 2022 Christmas Island: 53.78 2022 Saint Helena, Ascension and Tristan da Cunha: 45.22 2022 Montserrat: 39.24 2022 Norfolk Island: 33.38 2022 Niue: 31.70 2022 Guam: 19.66 2019 Cocos Islands: 13.04 2022 Pitcairn Islands: 5.988 2019 Tokelau: 3.770 2022
Nearly seven years in the making, the expanded College Football Playoff will make its debut this season with Indiana at Notre Dame on Friday.. The 2024 college football season was rife with drama ...