The Ministry of Commerce in India has submitted its proposals to the Finance Ministry, ahead of the upcoming Budget on 1st February, 2020. As per news agency reports, the Ministry has sought significant reduction in import duty on gold in the forthcoming budget. It must be noted that the gems and jewellery exports industry has sought reduction of import duty from the current level of 12.5% to as low as 4%. The gold imports by the country have been on a decline. This has helped in narrowing the current account deficit (CAD) significantly. As per government data, gold imports registered modest decline by around 7% ... (full story)