Augmont is looking for less bullion import duty!
Less duty will enhance export competitiveness in bullion! Just ahead of release of Economic Survey, Renisha Chainani, Research Head, Augmont expressed about the bullion market’s expectation, the bullion industry seeks to reduce import duty on gold and silver from 6% to 3% to enhance export competitiveness, though a further cut seems unlikely. Gold refiners are pushing for an increased duty difference between doré and refined gold (currently just 0.65%) to encourage domestic refining. The industry also advocates for a single regulator for the Bullion Industry to streamline supervision and improve market transparency. The IIBX has seen rapid growth, and stakeholders seek a 0.5% import benefit via IIBX and recognition as a Jewellery Export Centre to boost India’s gold trade. With over 12 Crore digital gold investors, a regulatory framework is needed to ensure consumer protection, prevent fraud, and promote digital gold as a secure investmen...