Wednesday, 7th April 2004 (4150 views)

Gold jewellery shoppers are set to benefit from lower prices if plans to make commercial gold imports cheaper go ahead.

The finance ministry has proposed to decrease the customs duty on gold to R100 per 10gm on gold coins and bars and by R250 per 10gm on tola bars and other gold forms.

At present the benefits and shortfalls of the idea are being considered and if plans go ahead the main sector to benefit would be jewellery manufactures, according to the India Times.

If approved, plans would still have to go through the Election Commission in India and concerns have been raised over the idea leading to gold being used as a tool for laundering money.

The move follows the freeing of gold imports in January by India's commerce minister which allows precious metals to be imported without people having to go through agencies and paying commission rates.

 

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