Search Result for : Gold Imports

The Dollar Business Bureau India’s merchandise exports during December last year recorded a positive growth of 12.36% year-on-year, on the back of a sharper increase in the shipments of engineering goods and petroleum products. Over the last 17 months, exports from the country have been on a positive trajectory, with a decline of just 1.1% in October 2017. However, imports recorded a sharp increase of 21.12% to $41.91 billion during the month on the back of rise in inward shipments of gold, silver, precious stones, petroleum and electronic goods. Due to this, the trade deficit has widened to $14.88 billion in the month of December, as compared to $10.54 billion over a year ago. Industry is hopeful that exports are expected to reach the ...

The Dollar Business Bureau On consideration of applications for grant of authorisation for import of gold dore, Directorate General of Foreign Trade (DGFT) on Thursday clarified that only those applications shall be considered for grant of authorisation where applicant refinery holds a valid license from Bureau of Indian Standards (BIS). “In light of representations seeking extension of the time limit, the matter has been reconsidered,” DGFT said in a trade notice no.14/(2015-2020). Reference is invited to Trade Notice No.04 dated April 21, 2017 on the above subject laying down the condition that with effect from June 1, it added. The time period for obtaining registration for BIS is also extended by a year. “It is brought to notice of the trade that the time period ...

The Dollar Business Bureau  The Indian government is planning to bring out a set of procedures to begin investigating the imposition of safeguard duty against imports from South Korea. India and South Korea have signed a Comprehensive Economic Partnership Agreement (CEPA) on January 2010 and a subsequent review in the agreement in 2016, brought forth the reduction/elimination of duties on various products.  The move by the government comes in the wake of a surge of gold imports from South Korea which is worrying the domestic producers. The Indian Revenue department has notified the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017, for laying out the procedures for such safeguard investigations. This is necessary as India needs to have separate rules ...

The Dollar Business Bureau India’s gold imports are expected to surge by a third this year to 750 tonnes on account of restocking by jewellers and a good rainfall during the monsoon is likely to augment demand in the rural areas in the upcoming festival season, an official of a leading gold refinery said. Higher imports by India will support the global gold prices, which are already hovering near the peak level in the last two months. The increased imports could also widen the trade deficit of the country. “Demand and imports are normalising after taking a hit last year. Jewellers are restocking after destocking last year,” Rajesh Khosla, Managing Director, MMTC-PAMP India, India’s biggest gold refinery, told Reuters. India, the world’s second largest consumer of gold, imported around 557 tonnes of gold last ...

By Abin Daya Despite all what the flat-earth proponents might say, the world is surely round. I’m convinced of that! Things do come back a full circle. 64 years after it enacted the Air Corporations Act and nationalised the Air India, the government has decided that it does not want to be in the business of ferrying passengers over air any more. It is looking to privatise the airlines, and the Tatas, from whom the airline was originally taken over, seem to be the most likely suitor. The performance of the domestic air passenger industry is one of the topics in today’s update. However, the main topic for today’s update is India’s export performance for the month of May 2017. While export performance has ...

The Dollar Business Bureau Gold imports of India dropped by around 13.5% to $27.4 billion in the last financial year, which is likely to keep a tap on the mounting current account deficit (CAD). In 2015-16, the country’s overall imports of the yellow metal stood at $31.7 billion. As per the industry experts, one of the reasons for the drop is softening prices of the precious metal in the domestic as well as international markets. The decline in imports has helped in narrowing down of the trade deficit to $105.7 billion in 2016-17 compared to $118.7 billion in the previous fiscal. However, on a monthly basis, the imports of gold surged to $4.17 billion in March compared to $974 million in the same month year-ago, ...

The Dollar Business Bureau India’s gold imports surged to $3.85 billion during April 2017, witnessing a three-fold rise, mainly due to increased demand on Akshaya Tritiya. In April 2016, the country’s gold imports were $1.23 billion, according to official data released on Monday. Imports of the yellow metal were on a downward trend between February-September 2016. The imports rose in the months of October and November but declined in December and January. In February and March this year, the imports of the precious metal recorded a high rate of growth. In March 2017, imports of gold had surged to $4.17 billion compared to $974 million in the same month in 2016. The rise in gold imports had led to a widening of trade deficit in April 2017 to $13.2 billion ...

The Dollar Business Bureau  India's exports surged up almost 20% during April this year, continuing recovery for the eighth straight month, on the back of good performance by petroleum, textiles and engineering sectors. However, the trade deficit also recorded a three-fold rise to $13.2 billion, majorly due to a sharp increase in the imports of gold and crude oil during April. Exports increased by 19.77% to $24.63 billion during the month compared to $20.56 billion during April 2016, as per the data released by the Ministry of Commerce and Industry on Monday. “In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth of 19.77% in dollar terms valued at $24.6 billion as compared ...