DGFT specifies only BIS certified refineries can import dore from June 1
The Dollar Business Bureau The DGFT issued a trade notification TRADE NOTICE NO.04/2018 on April 21, 2017, specifying that unrefined gold or dore can be imported only by those refineries that hold a valid licence from the Bureau of Indian Standards (BIS). This will be effective from June 1. India imported $381,006 million worth of dore in 2015-2016 and $308,813 million in FY 2017. On an average India imports nearly 200 tons of dore in a year. It should be recollected that the government had announced an increase in the excise duty on dore gold from 8% to 8.75% and excise duty from 9% to 9.5% thereby decreasing the duty differential with bullion that attracts an excise duty of 10%. Refineries in the ...
India-Peru Free Trade Agreement to focus on investments
The Dollar Business Bureau The negotiation on Free Trade Agreement (FTA) between India and Peru will focus on investment in both countries and boosting economic relations, Indian Ambassador to Peru, Sandeep Chakravorty said. Both the countries have decided to fast-track the FTA talks. A feasibility study team from Peru is expected to visit India this month to meet Indian officials. “The FTA will keep in mind investment on both sides, because I believe it is impossible to have a positive balance trade without investment; we think investment is an important part of the agreement,” Chakravorty was quoted as having said by Peru’s Andina news agency. The statement came ahead of an international convention to be held in Peru’s capital Lima from ...
Government mulls over allowing import of gold alloy without licence
The Dollar Business Bureau The government is in the process of softening licence norms for the import of gold-silver alloy in India. The import of gold-silver alloy used by refiners costs less than that of pure gold. Importers of impure form of the precious metal have to pay duties at 8.24% of the total value, whereas the duty on pure gold import is 10.30%. For bulk import of gold-silver alloy, also called 'dore', an importer needs to obtain licence from the Directorate General of Foreign Trade (DGFT), a wing of the Commerce Ministry. According to reports, the Reserve Bank of India (RBI) and the Finance Ministry are discussing ways to do away with the licencing requirement. While RBI is in favour ...
