New Delhi: The government today hiked the import duty on jewellery to 15 per cent from 10 per cent with a view to check the inward shipment of gold besides protecting domestic manufacturers.
Besides containing import of gold, the hike in jewellery duty seeks to provide level playing field to domestic jewellery makers.
The government had last month hiked import duty on gold for the third time in 2013 to 10 per cent. Duties for silver and platinum were also increased to 10 per cent. Besides, customs duty on gold dore bars, ore or concentrate were raised to 8 per cent from 6 per cent.
Further, the RBI also restricted gold imports on a consignment basis by banks.
Finance Minister P Chidambaram had earlier said gold import would be contained below 845 tonnes shipped in last fiscal.
Gold imports in value terms fell to $650 million in August, from $2.2 billion in July.
India is the largest importer of gold, which is mainly utilised to meet the demand of the jewellery industry.
High gold import strained India's current account deficit or CAD which touched a high of 4.8 per cent of GDP or gross domestic product in 2012-13.
Besides containing import of gold, the hike in jewellery duty seeks to provide level playing field to domestic jewellery makers.
The government had last month hiked import duty on gold for the third time in 2013 to 10 per cent. Duties for silver and platinum were also increased to 10 per cent. Besides, customs duty on gold dore bars, ore or concentrate were raised to 8 per cent from 6 per cent.
Further, the RBI also restricted gold imports on a consignment basis by banks.
Finance Minister P Chidambaram had earlier said gold import would be contained below 845 tonnes shipped in last fiscal.
Gold imports in value terms fell to $650 million in August, from $2.2 billion in July.
India is the largest importer of gold, which is mainly utilised to meet the demand of the jewellery industry.
High gold import strained India's current account deficit or CAD which touched a high of 4.8 per cent of GDP or gross domestic product in 2012-13.
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