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India gold imports likely to drop sharply after implementation of gold scheme

The All India Gems and Jewellery Trade Federation (GJF) has highlighted on the necessity for tie-ups with banks and jewelers towards successful implementation of the government’s proposed gold schemes. According to the trade body, the gold bonds and monetization schemes must include ...

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DRI says: Legal gold imports and smuggling on the rise

The official data published by the Directorate of Revenue Intelligence (DRI) indicates that legal imports of gold into the country have increased considerably despite high import duty on gold imports. At the same time, there has been no end to entry of ...

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Indian Airport Customs seize Rs 160 million worth smuggled gold biscuits

The Indian Customs officials at the Ahmedabad International Airport foiled a major gold smuggling attempt. Six persons including a woman were arrested while trying to smuggle 60 kilograms of gold from Dubai. The seized gold is worth nearly Rs 160 million, customs ...

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India gold demand to improve during April festive season

The physical gold demand in India is likely to stay muted until the commencement of festive season late April. The festival buying is likely to peak during Akshaya Tritiya which falls on April 21st this year. The physical gold buying in India ...

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India imports 664.29 tons of Gold during April-Dec 2014

India, the world’s biggest bullion consumer, has imported 664.29 tons of gold worth over $25.74 billion during April- December period of the current fiscal. India has exported 38.11 tons of gold during the first nine month of the current fiscal, worth $1.55 ...

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India gold imports likely to surge in 2015 fiscal year

With the government easing the curbs on gold imports into the country, the gold imports are likely to climb higher during the current fiscal year. The imports during the initial ten-month period of the fiscal from April 2014 to January 2015 have ...

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India Gold imports from Switzerland touches 17.1bn Swiss francs during Jan-Nov 2014

Indian gold imports from Switzerland crossed 17.1 billion Swiss francs (over Rs. 1.2 lakh crore) during the first eleven months of last year even as concerns persist over bullion being used to channel illicit funds into the Indian shores.   The value ...

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RBI views decision to scrap 80:20 gold import rule as ‘reasonable’

The Reserve Bank of India (RBI) today stated that the government’s decision to abolish the controversial 80:20 rule on gold imports was quite ‘reasonable’. RBI Governor Raghuram Rajan said the government has come up with the decision at probably the best time. ...

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India gold premiums plunge on import curb delays

The gold premiums in India have plunged to almost half in the absence of announcement of fresh gold import curbs. The premiums for physical delivery of gold which had surged to $25 per Oz in anticipation of policy announcement have now fallen ...

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India not plan to trim Gold import duty from 10% immediately

It appears that India’s 10% gold import duty, initiated last year, will continue even as an important gold-buying holiday approaches, according to analysts.   The country is not considering an immediate cut in gold import duties despite its trade account deficit narrowing ...

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