Trade ministry recommends suspension of gold jewellery imports from Thailand
NEW DELHI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
- US STOCKS-Wall St drops on taper anxiety; Facebook rallies
- UPDATE 2-US transport regulator might move against in-flight calls
- Air Canada plane lands safely after engine fire
- Arrow-wielding elves and fiery Smaug amp up action in 'The Hobbit'
- India's battle with weak growth, high inflation gets more challenging
Micromax, which has become India's No. 2 smartphone brand just five years after selling its first handset - a $30 made-in-China model, is looking to go upmarket and overseas. Full Article
Asia-Pacific M&A volume falls for third consecutive year, deal size grows. Full Article