Tag - India

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Tuesday, February 2 2021

India cuts import tax on gold, industry expects drop in smuggling

India cut import duties on gold and silver to 7.5% from 12.5%, but imposed a 2.5% cess - a separate tax - on the imports, Finance Minister Nirmala Sitharaman said.

After the changes, gold imports would effectively attract 10.75% tax against 12.5% earlier, said Somasundaram PR, the managing director of the World Gold Council’s (WGC) Indian operations.

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Wednesday, December 4 2019

India's Nov gold imports jump to 5-month high

New Delhi imported 71 tonnes of gold in November, compared with 40 tonnes in October, the source said on condition of anonymity as he was not authorised to speak to media.

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Friday, November 29 2019

India one of the largest gold smuggling hubs in the world

International non-government organisation IMPACT, in its latest report, says India has become one of the largest gold smuggling hubs in the world.

The organization said it had uncovered how the country imported about 1,000 tonnes of gold per year -- a quarter more than the official figures indicated.

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Thursday, September 5 2019

India's August gold imports slump to three-year low as prices hit record

India imported 30 tonnes of gold in August, down from 111.47 tonnes a year ago

In August, dealers were offering a discount of up to $37 an ounce from official domestic prices, the biggest since August 2016. The domestic price includes a 12.5% import tax and 3% sales tax.

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Thursday, August 22 2019

Indians pawning the family gold amid credit crunch

While pawning gold has long been an option for quick funds in a country that is the world’s second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand as people struggle to secure loans from banks grappling with bad debt and a shadow lending industry stung by a liquidity crunch.

The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices.

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Friday, July 5 2019

India hikes gold import duty, industry fears smuggling surge

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-biggest bullion consumer.

Hikes gold, silver import duty to 12.5% from 10%

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Thursday, June 6 2019

India's May gold imports jump 49% on festive demand

India’s gold imports in May jumped 49% from a year earlier to 116 tonnes as a correction in local prices during a key festival boosted retail demand, a government source said on Tuesday.

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Wednesday, January 2 2019

New gold policy likely soon; looking at all aspects of yellow metal

The domestic industry has demanded a cut in import duty on gold to 4 percent from the current 10 percent.

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Thursday, September 20 2018

India can produce 100 tonnes of gold per year

India has the capacity to produce over 100 tonnes of gold per year to better satisfy the country's enormous demand for the precious metal which is mostly met by imports, a foreign expert said on Wednesday.

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Wednesday, September 12 2018

Indian Gold Imports At Highest In 15 Months

Gold imports to India, the world’s second largest consumer of the yellow metal, more than doubled in August to their highest level in 15 months.

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Thursday, March 8 2018

India's Feb gold imports plunge a quarter on subdued demand

India’s gold imports in February dropped a quarter from a year ago to 63 tonnes as higher prices curtailed demand in the world’s second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed.

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Tuesday, February 6 2018

India Jan gold imports plunge to 17-month low on subdued demand

The country’s imports were 30 tonnes in January, down 37 percent from 47.9 tonnes a year ago,

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Tuesday, January 16 2018

Gold imports surge 72% in December on high demand, weak global prices

India's gold imports rose by 71.52 per cent to $3.39 billion in December because of weak global prices and higher domestic demand. According to the commerce ministry's data released today, silver imports too rose by 106 per cent to $197.26 million last month as against $95.84 million in December 2016.

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Saturday, January 6 2018

Gold Imports Said to Rebound Amid Signs India's Tax Woes Fading

Indian consumers probably bought 650-750 tons of the metal last year, according to the World Gold Council -- similar to 2016 levels which marked the slackest demand since 2009. In the past year, the sector has also been hurt by tougher requirements for buyers to prove their identity before a purchase, and the capping of the amount of cash used in these transactions.

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Wednesday, January 3 2018

India gold imports surge 67 percent in 2017 on restocking, retail demand

India’s gold imports surged 67 percent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed.

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Thursday, December 7 2017

India's November gold imports nearly halve on higher prices

A drop in gold purchases by India, the world’s second-biggest consumer after China, could weigh on global prices that are already trading near their lowest in two months.

Imports in November were around 55 tonnes, a sharp fall from last year’s 100.6 tonnes, provisional data from GFMS showed.

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Thursday, September 28 2017

India Continues to Play a Significant Role in the Global Silver Market

India consumed 160.6 million ounces (Moz) of silver in 2016, accounting for 16 percent of global silver demand. The country’s dependence on imported metal means that changes in Indian offtake can impact countries that supply bullion to India. Between 2010-16, India imported an impressive 990 million ounces of refined silver to meet its needs.

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Monday, September 25 2017

Here's why gold will not glitter this Diwali

With Goods and Services Tax (GST), demonetisation and Anti-Money Laundering (AML) regulations coming into effect, gold will not glitter much this Diwali,

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Tuesday, September 19 2017

Trade pact: Gold may be kept out of future trade pacts

A big spike in gold imports from countries with which India has trade agreements has caused alarm in the government, which now plans to exclude the yellow metal from such agreements in the future. “Provisions of trade agreements have been abused to import gold at zero or lower duty,” a government official said. The surge in gold imports has worsened the country’s current account deficit.

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Sunday, September 17 2017

Gold: Gold imports jump three-fold to USD 15 billion in April-August

The country's gold imports recorded a three-fold jump to USD 15.24 billion during the April-August period of the current fiscal, commerce ministry data showed.

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