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Aug 17, 2013
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Aug 16, 2013
Wednesday April 2, 2014
The government had raised raised customs duty to 10 per cent on gold from 2 per cent earlier.
Wednesday March 12, 2014
Struggling with a ballooning trade deficit, India last year imposed a record high duty of 10 percent on overseas purchases of gold, the second-biggest expense in its import bill, and introduced a rule tying import quantities to export levels.
Friday February 28, 2014
Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis after analysing the global price trend.
Tuesday January 28, 2014
The Reserve Bank today said Current Account Deficit (CAD) in this fiscal is expected to decline to below 2.5 per cent of GDP from 4.8 per cent a year ago, raising hopes of a cut in import duty on gold.
Tuesday January 28, 2014
India already levies a 30 per cent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India's ir...
Wednesday January 15, 2014
India has been trying to curtail shipments of gold, the second-biggest import bill after crude oil, as it seeks to curb a gaping trade deficit. The country last year raised import duty to 10 percent and tied gold imports to jewellery exports.
Tuesday January 7, 2014
Tribhovandas Bhimji Zaveri (TBZ) shares were up 1.82 per cent to Rs 137.10 as of 09.55 a.m., while Rajesh Exports traded 1.36 per cent higher at Rs 78.25. Gitanjali Gems traded 0.64 per cent up, while Titan edged up 0.3 per cent.
Thursday December 26, 2013
In India gold prices however have not seen a similar decline as witnessed in global markets. The Indian government had hiked import duty on gold to 10 per cent, negating much of the decline in global prices.
Tuesday December 24, 2013
Non-resident Indians (NRIs) are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
Sunday December 22, 2013
Gold slipped from its peak level and was poised to end 2013 below last year's closing price after the government increased customs duty to 10 per cent and imposed import restrictions to contain increasing demand for the precious metal.
Wednesday December 18, 2013
Advocating removal of restriction on gold import as it encourages smuggling, Reserve Bank today said efforts should be made to maintain the present level of Current Account Deficit (CAD) without any significant curbs on inward shipments.
Sunday December 15, 2013
India's government has slapped a record 10 per cent import duty on gold, its second-biggest import after oil, as it seeks to curb a swollen current account, and has said 20 per cent of all imports must be turned around and exported as jewellery.
Saturday December 7, 2013
To curb a record trade deficit, India imposed an import duty of 10 per cent on gold, and tied imports for domestic consumption to exports, creating scarce supply of the yellow metal and boosting premiums to a record.
Wednesday December 4, 2013
India's motor vehicle exports to Europe, including passenger cars, are likely to be hit from January when the European Union raises customs duty for import of vehicles from 6.5 per cent to 10 per cent, according to EEPC India (formerly Engineering Ex...
Monday November 25, 2013
India's government has slapped a record 10 percent import duty on gold, its second-biggest import after oil, as it seeks to curb a swollen current account, and has said 20 percent of all imports must be turned around and exported as jewellery.
Wednesday November 20, 2013
A relief package of Rs 50,000 crore is likely to be discussed. Interest-free loans and relaxation in tenure of loans are likely to be on the agenda. An import duty hike from current 15 per cent to 50 per cent might be considered. The ministers might ...
Thursday October 17, 2013
The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $436 per 10 grams for gold and $702 per kg for silver during the last fortnight.
Friday September 27, 2013
The gap typically widens in the June quarter from the previous quarter due to seasonal factors including lower exports.
Tuesday September 17, 2013
The government had last month hiked import duty on gold for the third time in 2013 to 10 per cent. Duties for silver and platinum were also increased to 10 per cent. Besides, customs duty on gold dore bars, ore or concentrate were raised to 8 per cen...
Sunday September 8, 2013
India's customs office claims that BMW has for years declared imported car parts as part of larger assemblies rather than as separates, paying lower import duties than it should have as a result, the German weekly magazine said.