NEW DELHI The trade ministry has recommended suspension of gold jewellery imports from Thailand, a trade ministry statement issued on Wednesday said.
"In view of the increasing import of gold jewellery from Thailand, the Department of Commerce has asked the Department of Revenue to issue notification suspending the import of gold jewellery from Thailand under the provisions of Early Harvest Scheme," the statement said.
Gold jewellery imports from Thailand attract a concessional tax of only 1 percent under a bilateral agreement, while such imports from other countries attract 10 percent duty.
The suspension will remain "till the certificates of origin issued by Thailand are verified to our satisfaction," the statement said.
In 2011/12, India imported $72.25 million worth of gold jewellery from Thailand.
India's total gold jewellery imports were $1.45 billion in 2011/12, with Dubai and Hong Kong among the lead exporters.
(Reporting by Malini Menon; Editing by G.Ram Mohan)
Trending On Reuters
The Reserve Bank of India kept its policy rate on hold at 7.25 percent on Tuesday, as widely expected, while leaving the door open to ease further depending on the inflation outlook and how swiftly banks lower their lending rates. Full Article | Full Coverage