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India rolls out new gold math with import duty hike. Who will foot the bill?
India has sharply raised import duties on gold and silver to 15% from 6% to curb demand, protect the rupee and preserve foreign-exchange reserves amid rising risks from the Middle East conflict. The move follows Prime Minister Narendra Modi’s appeal to avoid unnecessary gold purchases and foreign travel.
Expert view | Gold import duty hike could slow jewellery sales, not investment demand: Anindya Banerjee, Kotak Sec
Gold prices have immediately increased because they have to be around import parity, said Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities. As far as demand is concerned, at least investment demand won't be affected, he added.
‘Time for alpha’: Motilal Oswal AMC CEO sees these sectors leading next market cycle
Motilal Oswal AMC MD & CEO Prateek Agrawal said the current market environment favours active investing and emerging growth sectors over traditional index-heavy plays. Agrawal also said gold duty hikes were less severe than expected and added that mutual fund inflows remain stable despite market volatility.
India prioritises forex for crude, defence imports as govt hikes gold, silver duty
India raises customs duty on gold, silver and platinum to curb non essential imports, conserve foreign exchange and protect the current account amid West Asia tensions.
Government raises import duty on gold and precious metals
The government on Wednesday hiked import duties on gold and silver to 15 per cent from 6 per cent as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis, the finance ministry notified. The revised rates came into effect on 13 May. Days after Prime Minister Narendra Modi's clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange, the Finance Ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13. The duty hikes will raise the overall customs duty on gold to 15 per cent. Separately, the Finance Ministry also revised customs duty rates for precious metal findings and recyclable precious metal waste. Under the revised structure, gold and silver findings will attract a 5% customs duty, while platinum findings will face a 5.4% duty. Imports of spent catalysts or ash containing ...
Gold rate today: MCX gold rate jumps above ₹1.62 lakh per 10 grams, silver price rallies 6% after import duty hike
Gold rate today: The central government has raised import tariffs on gold and silver to 15% from 6% in an effort to reduce overseas purchases of precious metals and ease pressure on foreign exchange reserves.
Don't buy gold for 1 year? These Nifty500 stocks outperformed bullion
India raised gold import duties to 15% as Modi recommended postponing purchases amid foreign exchange concerns. Despite gold's recent surge, equities outperformed in returns, emphasizing the potential for better long-term gains in sectors like power and manufacturing.
India’s gold import duty hike to 15% may remain for a year, says Senco MD Suvankar Sen
India's higher import duty on gold and silver could impact jewelry demand for a year, Senco MD Suvankar Sen said. Senco Gold predicts volumes may drop 10-15 percent and consumers may opt for lighter jewelry. This move aims to conserve foreign exchange reserves and protect economic stability amid global uncertainty.
India raises gold import duty back to 15%: What’s behind the move
India has significantly raised import duties on gold, silver, and platinum. This move aims to safeguard the nation's economy and foreign exchange reserves. The government prioritises essential imports like crude oil and fertilisers. This decision reflects a proactive approach to manage external risks.
GoI raises customs duty on gold and silver. What does it mean for MCX gold, silver rates
The Indian government has increased import duties on gold and silver to 15% to curb foreign purchases and protect foreign exchange reserves. This may dampen demand and support the rupee, but experts warn it could also lead to increased smuggling.
India raises gold and silver tariffs to 15% to curb imports, support rupee
India has raised import duties on gold and silver to 15% from 6% to curb imports and reduce pressure on foreign exchange reserves. The new structure includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess.
Jewellery Retailers Recommend Exchange, Recycling Of Gold In Lieu Of Reducing Purchases
PNG Jewellers' Chairman and Managing Director said that currently most purchases involve recycling.