Page 38 - Bullion World Issue 10 February 2022_Neat

Bullion World | Issue 10 | February 2022

Govt allows certain gold imports
through India International Bullion
Exchange IFSC

“In addition to nominated agencies notified by RBI (in case of banks)
and nominated agencies notified by DGFT, qualified jewellers as
notified by International Financial Sevices Centres Authority (IFSCA)
will be permitted to import gold through India International Bullion
Exchange IFSC Ltd,” the directorate said in a notification.

Source: https://economictimes.indiatimes.com

India’s Gold

Import Tonnage
Doubled in 2021

India’s gold import tonnage more than
doubled in 2021, when compared with the
year before. The fall in prices of the yellow
metal triggered increased purchases of
gold by retail buyers. The demand was
also boosted by weddings, said a senior Maharashtra govt plans to
government official.
waive stamp duty on gold,
The total spending by the country on gold silver import
imports amounted to $55.7 billion in 2021.
This compares with $22 billion spent during In a bid to bring its tax structure at par with competing states
2020. The gold import bill surpassed the and secure its revenues, the Maharashtra government is
previous high of $53.9 billion recorded in mulling to waive the stamp duty on the import of gold and
2011. The volume of gold imports stood at silver in the state.
1,050 tonnes in 2021, touching the highest
level in almost a decade. Also, the imports While Maharashtra levies a 0.1 per cent stamp duty on gold
were significantly higher when compared with imported by air, sources said that the import of gold has
430 tonnes imported in 2020. been shifting to other states, as they don’t impose stamp
duty. As this arbitrage resulted in decline of gold imports
Source: https://www.scrapmonster.com within the state, sources said that the government has been
losing hundreds of crores in goods and services tax (GST) on
import of gold. They further said that the waiver of stamp duty
on gold could increase state revenue.

Source: https://indianexpress.com

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