Indian Government banned the export of gold items above 22 carat purity

0
150

On Aug-2017,The Indian government have beenbanded exports of medallions and gold jewellery or any other articles beyond 22-carat purityin an effort to check round-tripping of the gold.

Live MCX

Also Read – Goods and Service Tax impact on gold jewellery

“The Foreign Trade Policy (2015-20) has been amended to allow the export of gold jewellery (plain or studded) and articles containing goldof eight carats and above, up to a maximum limit of 22 carats only from domestic tariff area and export-orientedunits or any such privileged facilities.

electronics hardware technology parks, software technology parks and biotechnology parks ” Said by Directorate General of Foreign Trade (DGFT). on 14 Aug 2017.

That means export of such articles as jewellery or medallion with gold isbanned for export by any exporter. Counting parks listed above decision by government receive mixed response some jewellers are saying it as a good decision and some says it as bad.

Hence, the government’s current decision would restrict round-tripping of gold which many jewellers were engaged in.

India exports around 170 tonnes of jewellery and medallions made of or studded with,gold and 15 percent of this are Ornaments made of 24-carat gold.

Facebook Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here