Rising Countries Gold Need in 2014- International Gold Council
During the year 2014, there will be more chances of high gold demand; considering this mind, the Central Government should decent the gold import taxes, stated by the International Gold Council.
International
Gold Council, ‘W.G.C’ will release a report on the World’s gold need and amount
of gold imported either at the end of every month or annually.
Internationally,
China tops first and India ranks second in gold import. In India the usage of
gold will be not only for Jewells but also for the investment purpose.
During the year
2013, Gold need in China ranges for about 1, 065 Ton and in India it is 975
Ton. On the first quarter of the year 2013, the gold need gets mounted up and due
to high service taxes prevails in the second quarter of 2013, the gold demands
incessantly reduced.
International
gold council stated that, in 2013 the usage of domestic jewels spans for about
Rs.1, 61, 750 Crores and comparatively last year 2012, it was around Rs. 1, 58,
359 Crores.
Currently, nearly 200 Ton of gold got imported illegally in the year 2013. Hence during the interim budget, it has been highly anticipated for the decent in the service taxes on gold imports.
