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 ...
