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)
Asia stocks hold gains before Yellen speech, dollar firm
HONG KONG Asian stocks edged higher on Thursday but clung to recent well-worn trading ranges while the dollar held firm against regional currencies ahead of a speech by Federal Reserve Chair Janet Yellen at a global central bankers' meeting.
EXCLUSIVE: Monsanto pulls new GM cotton seed from India in protest
NEW DELHI Monsanto Co has withdrawn an application seeking approval for its next generation of genetically modified cotton seeds in India, a major escalation in a long-running dispute between New Delhi and the world's biggest seed maker.
Welspun faces new probe from Bed Bath, shares pressured
CHICAGO/NEW DELHI U.S. retailer Bed Bath & Beyond said it ordered an external audit of textiles from Welspun India, putting more pressure on the embattled Indian bedding and towel maker that has seen nearly half its market value wiped out this week.