Gold Import goes down
Posted on: 05/May/2016 5:14:33 PM
The import of gold in India during the month of April has been down by 67.3 percent and is 19.6 tons.
As the jewellery shop owners had been on strike protesting against the recently imposed a 1 percent production tax, the demand for gold had gone down considerably.
It is worth comparing this April’s figure with the corresponding April last year, which was 60 tons of gold import.
It appears that during the month of April, the gold imported in January and February was being used.
The central Finance Minister, Mr. Arun Jaitley, had announced during the last budget that 1 percent production tax will be imposed on non-silver jewellery items. Protesting against this, jewellery shop owners went on strike, closing their shops on 2nd March. The strike went on 42 days and then was withdrawn based on the assurances given by the central government.
It has been estimated that 750 tons of gold had been imported during the financial year 2015-16.
