DUBAI LOSES GLITTER FOR INDIAN GOLD IMPORTERS
Article Abstract:
Indian gold imports from Dubai have dropped following the liberalisation of gold import policy of the Indian government. Before liberalisation of gold imports, India used to import 80 to 85 percent of bullion from Dubai. Now, the imports have fallen to 60 percent. (gs) --------------------------------------------------------- Gold Imports of Dubai and India in 1997 and 1998 --------------------------------------------------------- Country Year Jan-Mar Apr-Jun July-Sept Oct-Dec --------------------------------------------------------- Dubai 1997 154.9 152.9 165.8 186.7 --------------------------------------------------------- India 1997 123.9 122.3 132.6 147.6 --------------------------------------------------------- Dubai 1998 153.0 200.5 - - --------------------------------------------------------- India 1998 66.8* 156.1 - - --------------------------------------------------------- * April and May 1998 ---------------------------------------------------------
Comment:
Emirates: Indian gold imports from Dubai have dropped following the liberalisation of gold import policy of the Indian govt
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GOLD SMUGGLING STILL SHINES: SURVEY
Article Abstract:
Gold Fields Mineral Services Ltd, London has stated that smuggling of gold into India increased to 143 tonnes in 1997 (109 tonnes in 1996). Around 560 tonnes of gold was imported through official channels in 1997 (324 tonnes). The value of smuggled gold was estimated at Rs5,148 crore in 1997 (Rs5.658 crore in 1996). The liberalised import policy of the government allows non resident Indians (NRIs) and special import licence holders like banks and institutions to import gold. From January 1, 1997 the government has permitted NRIs to import 10 kg gold per person every 6 months. NRIs imported an average of 20 tonnes per month in January 1998 and February 1998. Around 139 tonnes was imported under open general licence in the first quarter of 1998. (rk)
Comment:
India: Smuggling of gold increases to 143 tonnes in 1997, worth Rs5,148 crore, from 109 tonnes in 1996, worth Rs5.658 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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DUTY HIKE ON GOLD IMPORTS MAY BOOST SMUGGLING, HAWALA
Article Abstract:
The Government of India has raised the customs duty on gold from Rs250 per 10 gm to Rs400 per 10 gm from January 5, 1999. This is likely to increase smuggling of gold into India and start hawala transactions in the country once again. The hiking of the duty during the marriage season when the demand for gold may increase is likely to lead to smuggling of the metal. When banks were allowed to import gold under open general licence, smuggling of gold had decreased by 60 tonnes to 108 tonnes in 1998. (rk/kvr)
Comment:
The Government of India has raised the customs duty on gold from Rs250 per 10 gm to Rs400 per 10 gm from January 5, 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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