Import of gold down by 10 percent
Posted on: 08/May/2016 11:07:17 AM
MMDC, a public sector enterprise, has informed that import of gold during the financial year 2015-16 was down by 10 percent and was 90 tons.
The Managing Director of MMDC, Mr. Ved Prakash, informed that India is the leading country in the usage of gold in the world. During the financial year 2014-15, 1050 tons of gold were imported from foreign countries by India.
With the recent introduction of 1 percent production tax on gold jewellery items, there was a countrywide protest organised by the jewellery shop owners. Further, the fluctuations in the gold price in the international market also affected the demand for gold.
As a consequence, during the last financial year, 2015-16, the import of gold went down by 10 percent and was 90 tons.
Import of gold by MMDC went down from 70 tons to 50 tons. Because of the regulation that 20 percent of the imported gold must be exported, the import of gold was reduced considerably.
As compared with the import of pure gold, the import of impure gold was up considerably. The main reason for this is that the import tax for impure gold is 8.5 percent. At the same time, import tax for pure gold is 10 percent.
MMDC is involved in the import of gold in the country. Apart from MMDC, Ridhi Sidhi Bullion, State Bank of India, Punjab and Sind Bank, and Tanishq import gold.
