Indian gold imports fall to 30-year low of 15 tonnes in April as banks halt purchases | Metals Mine

  • Indian gold imports fall to 30-year low of 15 tonnes in April as banks halt purchases

    From kitco.com

    India’s gold imports are set to fall to a near 30-year low of around 15 tonnes in April after local banks were hit with an unexpected tax, industry and government sources said on Friday. Most of India’s refined gold is imported by banks, but they have completely halted shipments since Indian customs began demanding a 3% integrated goods and services tax on the metal, according to Surendra Mehta, secretary at the India Bullion and Jewellers Association. When India adopted the IGST in 2017, gold-importing banks were exempted from paying the 3% levy. The tax now being imposed on banks follows a delay in issuing a ... (full story)

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