Commerce ministry seeks suspension of gold jewellery import from Thailand

Imports from Thailand attract a concessional tax of only 1%, while from other countries they attract 10% duty
Comment E-mail Print Share
First Published: Wed, Feb 20 2013. 06 36 PM IST
India’s total gold jewellery imports were $1.45 billion in 2011/12, with Dubai and Hong Kong among the lead exporters. Photo: Priyanka Parashar/Mint
India’s total gold jewellery imports were $1.45 billion in 2011/12, with Dubai and Hong Kong among the lead exporters. Photo: Priyanka Parashar/Mint
New Delhi: India’s trade ministry has recommended suspension of gold jewellery imports from Thailand, a trade ministry statement issued on Wednesday said.
“In view of the increasing import of gold jewellery from Thailand, the department of commerce has asked the department of revenue to issue notification suspending the import of gold jewellery from Thailand under the provisions of early harvest scheme,” the statement said.
Gold jewellery imports from Thailand attract a concessional tax of only 1% under a bilateral agreement, while such imports from other countries attract 10% duty.
The suspension will remain “till the certificates of origin issued by Thailand are verified to our satisfaction,” the statement said.
In 2011/12, India imported $72.25 million worth of gold jewellery from Thailand.
India’s total gold jewellery imports were $1.45 billion in 2011/12, with Dubai and Hong Kong among the lead exporters.
Comment E-mail Print Share
First Published: Wed, Feb 20 2013. 06 36 PM IST
More Topics: gold | imports | Thailand | duty | commerce ministry |
blog comments powered by Disqus
  • Wed, Oct 22 2014. 09 49 PM
  • Wed, Oct 15 2014. 11 40 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved