GJEPC puts pressure on govt
Gems and Jewellery Export Promotion Council (GJEPC), the apex body of those in the business of gems and jewellery in India, has reiterated its demand to restore the import duty on gold to the earlier level of two per cent from the current 10 per cent.
In its letter to the Union Finance Ministry, GJEPC said the reduction in the duty will also reduce the transaction cost of exports.
It requested the government to restore the import duty to the earlier level on the ground that the move will help in eliminating rampant smuggling of the yellow metal.
"Since the imposition of 80:20 scheme, the desired curb in the total import of gold has now been duly achieved. So the import duty should be rolled back to much lower rate, say two per cent", GJEPC said in the letter.