Duty free import increased pressure on gold prices - AskBihar24X7 - Bihar & Jharkhand News

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Friday, August 18, 2017

Duty free import increased pressure on gold prices

Due to the increase in import duty on coins and medals imported from South Korea, gold is sold in local market with a discount of 10 dollars per tonne of Troy, because prices are under pressure under the Free Trade Agreement. Between the confusion in the market, whether the Government should impose a safeguard duty on importing cheap gold from South Korea, slowdown is seen in the activities of the bullion market.

                                       

According to the news published in the Economic Times, business head of Global Transaction (Banking and Precious Metals) in Kotak Mahindra, Shekhar Bhandari told that, according to trade sources, around 25 tonnes of gold can be imported from South Korea during July. This means that the government will have a revenue loss of Rs 750 crore as its import duty is duty-free. "

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