To reduce the import duty on gold Congress President Sonia Gandhi has intervened. To reduce the import duty on gold Sonia Gandhi has written letters to the concerned Ministries of Commerce, reported CNBC-Awaaz.
Sonia Gandhi wrote a letter to commerce and concerned ministries in asked to take urgent steps on jewelry traders demand. Jewelery traders seeking relaxation of 80:20 scheme and reduce import duty on gold. Gems and Jewellery Traders Federation meeting with Sonia Gandhi had asked for eased.
All India Gems and Jewellery Trade Federation chairman Haresh Chaman Soni says, “He wrote a letter to Sonia Gandhi 15 days before the gems and jewelery sector was referring difficulty. It was told that due to aging the import duty on gold, gold smuggling is increasing and the industry is facing difficulties of supply of raw material. Sonia Gandhi forward this letter to the Ministry of Commerce hopes to reduce the duty on gold imports.”
Hopefully soon the government will take a few steps and decisions gold imports are cheaper. In addition, eased of the industry in terms of 80:20 is recommended.
Congress President Sonia Gandhi may have intervene to reduce the imports duty of gold, but at least this fiscal year, the Finance Minister also rejected any cut.
In an interview to CNBC Awaz in Davos, Finance Minister P Chidambaram said that while, as may be relief on the front of current account deficit, import duty rollback will not be considered.
Reported News Source: CNBC Awaz