DATE: 4th Dec 2018, Sunday
Prepared by: Maharana Sibasankar
Sources: THE HINDU and Indian Express
- Government puts imports of gold dore in the restricted category
- The Directorate General of Foreign Trade (DGFT)which works under the Ministry of Commerce and Industry has put the imports of gold dore in the restricted category on 30th Nov 2018.
- It implies that an importer now needs a license to import this commodity.
- Gold Dore
- It is a semi-pure alloy which is refined for further purification. The refined gold bars are produced from gold dore bars.
- India imports about 900 tonnes of gold a year.
- India is the world’s second-biggest gold consumer after China,
- The DGFT in a separate notice suggested wastage norms and value addition in respect of gold religious idols (only gods and goddess) -both plain and studded, of eight carats and above (up to 24 carats).
- The DGFT prescribed that percentage of wastage for plain gold idols will be 2.5 per cent and for studded gold idols, it will be 5 per cent.
- It added that the percentage of value addition for plain gold religious idols will be 10 per cent; and 14 per cent in case of idols studded with colour gems stones.
- Similarly, the percentage for value addition in case of idols studded with diamonds will be 15 per cent.
Also the DGFT has allowed export of gold idols (only gods and goddess) of eight carats and above (up to 24 carats) from domestic tariff area with condition that 100 per cent examination of these exports be done by the approved government value.
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