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Home / Metal News / India to introduce norms to prevent Gold import malpractices

India to introduce norms to prevent Gold import malpractices

Sep 21, 2016 10:10

Source:SMM

India's finance ministry is planning to introduce measures to stop malpractices of importing pure Gold under that garb of dore bars or unrefined Gold.

INDIA September 20 2016 4:35 PM

MUMBAI (Scrap Register): India's finance ministry is planning to introduce measures to stop malpractices of importing pure Gold under that garb of dore bars or unrefined Gold.

The government has taken the new initiative after some instances came to light where pure Gold was imported as dore and also upon the request of the Indian Bullion and Jewellers Association.

The ministry has decided to ask jewellers and refiners to follow know your supplier, clients norms prescribed by the Organisation for Economic Co-operation and Development (OECD) and adhere to the anti-money laundering law.

In India, customs duty on dore is of 8.75 per cent while for pure Gold it is 10 per cent.

India gold imports

India gold demand

gold prices

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