In its ever growing bid to cut down on gold imports, the Indian government’s attention has now turned to Thailand from where it has just suspended gold jewellery imports.
by Shivom Seth
MUMBAI (MINEWEB) – In a fresh clampdown, India has officially banned the import of gold jewellery from Thailand. The government has announced that unless it is satisfied that gold jewellery imports from Thailand had received 20% value addition in that country, they would be banned.
The authorities suspect that Indian importers are misusing the duty free pact with Thailand to import bullion from the South East Asian nation.
The commerce ministry has recommended suspension of gold jewellery imports from Thailand in view of the increasing imports from the country. For some time now, the government has been looking to bring down imports of the precious metal into the country and has added several stages of import duties.