To control the current account deficit the government to curb gold imports to reduce the import bill is successful, becoming visible . Restrictions imposed by the government and imports declined in 2014 due to high prices is reduced to 500 tons . This year it is estimated at 650-700 tonnes . All India Gems and Jewelry Trade Federation director says that high prices due to decreased demand from retail customers . This trend may continue in the coming year .
According to him, the international market is much higher than the price of the yellow metal in the domestic market . More than 22 per cent difference . The custom duties , local taxes and premiums have gone up because of the price . Currently, the domestic market price of gold is hovering around 31 thousand rupees per ten grams . He said by the end of July to September this year, imports nearly stalled . It began again in October and November was intensified . In 2013 only April-May in more imports of the yellow metal . The low prices and high demand in the domestic market .
Chairman of the Federation of gold imports is encouraging smuggling because of bottlenecks in processes . There are gray market demand by business . If the government two - three months change policies is sure to be a huge loss to the jewelry industry . Sony said that the organization will be contacted soon by the government and the usefulness of the current environment .
No comments:
Post a Comment