Saturday, 10 September 2016

Upcoming Commodity Market Updates ; Gold, Silver Utensils Imports at Nominal Duty

In a notification on Thursday, the Central Board of Excise and Customs imposed a 12.5 per cent countervailing duty on all articles made of gold and silver which are imported from countries with which there is a free trade agreement or a comprehensive trade treaty. 

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This level of duty had been imposed in this year's Union Budget but it appears utensils made of gold or silver were being imported on payment of only one per cent duty from such countries, due to an ambiguity in the understanding the rule.In August, 300 kg of such utensils were said to have been imported. 

The new notification says any alloy in which the gold content is not less than 37.5 per cent by weight is covered.Harish Acharya, secretary, Bullion Federation, said: "The notification will stop trade distorting practices by some importers."

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