Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Gold August 13, 2013 06:30:25 AM

India's ravenous gold appetite clouts next-door gold imports

Paul Ploumis
ScrapMonster Author
The Indian government first raised the import duty from 2% to 6% to curtail demand
India's ravenous gold appetite clouts next-door gold imports

MUMBAI (Scrap Monster) : The Indian government first raised the import duty from 2% to 6% to curtail demand. In June, it was further raised to 8%. The Reserve Bank of India (RBI) tightened the norms for importers. The government had also stopped trading of gold in Special Economic Zones. Despite the series of tight controls on gold imports by the Indian government and RBI, the July gold imports by the country have gone higher. With more Indians trying to bring gold through neighboring countries, the next-door countries are forced to take measures to curb their own gold imports.

Pakistan's Economic Coordination Committee (ECC) of Cabinet announced a temporary ban on gold imports by the country for a period of one month on the back of surging import volumes and rising acts of smuggling to neighboring India. The gold imports by Pakistan during the initial six-month period in 2013 shot up by almost 386% over previous year.

Srilanka imposed a 10% import duty on gold in a bid to seal the leakages across the border. The country’s gold imports have surged by 46.7% to $110 million during the first four months (Jan to April) of the year. Srilanka’s April gold imports alone touched $50 million.

In July, Nepal too hiked the gold import duty from Nepalese Rupees 3,000 per 10 grams to Nepalese Rupees 3,600 in an attempt to curb the ballooning gold imports by the country.

There have been several attempts to transport gold to India across the border. About 35 kilograms of gold was seized at the Indo-Nepal border last month. Gold weighing nearly 300 kilograms destined to India have been seized from Bangladesh’s airport during past seven months. The recent measures by various neighboring countries are expected to put breaks on the acts of gold smuggling across the border.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search