Good News: Gold will become cheaper in the country!, Central government took a big step

New Delhi (Uttam Hindu News): The common man will soon get relief amid rising inflation. According to sources, the prices of gold jewelery are going to come down in the country. The Modi government at the Center has taken important steps in this regard. The central government has given permission to import large quantities of gold from the United Arab Emirates. Now gold will be imported from Dubai at concessional duty under the Free Trade Agreement. The government has given permission to jewelers banks authorized by RBI to import gold from USE.

It has been decided to give one percent duty benefit to import 140 tonnes of gold in India in 2023-24. In this regard, the Revenue Department recently issued a notification saying that it has prescribed eligibility criteria for availing the benefit of tariff rate quota.

Under the trade agreement, UAE has offered India immediate zero duty market access for export of gold jewelery in exchange for tariff rate quota, which was earlier 5 percent import duty. Import of 110 tonnes of gold is fixed in 2022-23 and 140 tonnes in 2023-24. Gold import will be gradually increased to 200 tonnes in the next 5 years. Trade experts say that now Indian importers can import gold from UAE by paying 14 percent tax instead of 15 percent.