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Govt cuts import tariff value of gold, silver
Government on Monday slashed the import tariff value on gold and silver to USD 404 per ten grams and USD 635 per kg, respectively, taking into account the volatility in the global prices. Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on […]
Gold prices to jump by Rs 600/10g after duty hike
Gold will become costlier by about Rs 600 per 10 grams following Government?s decision to hike customs duty on the precious metal, according to jewellers and bullion traders. Gold price is ruling at Rs 29,825 per 10 gram in the national capital. Opposing the move, industry said the hike in import duty would only help […]
India Govt hikes import duty on Gold, Silver, Platinum-smuggling may increase
According to P Chidambaram, who announced the decision on Tuesday, Government could earn Rs 4830 cr in the remaining period of 2013-14 fiscal year as a result of the increase in import duties. Meanwhile, some analysts pointing to recent reports of increase in gold smuggling has pointed out that import curbs could lead to further […]
Self-regulation by GJF
GJF appeals to suspend the sale of gold coins, bars and low value added products to consumers with immediate effect. The government thinks that gold is majorly responsible for the widening Current Account Deficit (CAD), which is not true, according to GJF. The measures taken by the government till date has not yielded substantial positive […]
India Gold production up 2.2% to 137 kg in Nov 2012
India also produced 2061 carat of diamonds,lower by 17.6 percent from October, during the period. World’s top gold consumer but minnows in production,India’s output of the yellow metal rose marginally by 2.2 percent to 137 kg in November last year. According to country’s Mineral ministry, India also produced 2061 carat of diamonds,lower by 17.6 percent […]
India plans to utilize 20,000 tons of idle household Gold
India could look to strengthen financial products such as e-gold, gold futures and gold exchange traded funds or inflation indexed bonds to curb import of physical gold. After raising gold import duty to six percent in an attempt to cut down current account deficit, India also proposed plans to utilize an estimated 20,000 tons of […]
India again hikes Gold import duty to 6%
India wants to reduce gold’s share of its import bill from 11.5 percent – the second-highest outlay after oil. Continuing it’s effort to reduce the current account deficit (CAD), world’s top gold consumer India announced yet another increase in gold import duty. According to official figures, India increased duty on gold and platinum to 6 […]
Government lowers import tariff value of gold to USD 550 per 10 gm
The government on Friday slashed the import tariff value of gold marginally to USD 550 per 10 grams amid weak global prices of the precious metal. The tariff value of silver has, however, been hiked marginally to USD 1062 a kg. The tariff value is the base price on which the customs duty is determined […]
Gold prices steady as investors await Fed meeting outcome
Gold was little changed on Wednesday ahead of the outcome of a US Federal Reserve policy meeting that investors hope will unveil more bond buying measures, supporting bullion’s appeal as a hedge against inflation. Spot gold traded nearly flat at US $1,708.91 an ounce. The US gold was also little changed, at US $1,708.20. President […]
My Gold Plan targets India’s huge unorganized Gold markets
Uttar Pradesh, largest populated state in the country accounts for 8 per cent of India’s gold demand which translates to Rs 25,000 crore at current prices. My Gold Plan, jointly launched by India’s Reliance Money Precious Metal and World Gold Council has attracted over 2000 approved distributors so far. According to Reliance Money Precious Metal […]
