India to import Gold from Russia on bond basis

Mumbai-India  (June 1)  India to mull over a proposal to import gold from Russia to help gems and jewellery exporters on a bond basis, provided they agree to ship out the entire consignment after value addition.

 Under the 'bonded basis' imports, the duty free consignment will not be allowed for domestic use and the entire gold will have to be exported after value addition. The scheme is expected to help and save foreign exchange and cut the country's import bill in US dollar terms.

 India's gold imports has declined by about 13.5 per cent to $27.4 billion in 2016-17. It is one of the largest gold importers in the world, led by demand from the jewellery industry.

 The idea assumes significance as the gems and jewellery exporters have raised issues over high import duty on gold. Currently there is a 10 per cent customs duty on the yellow metal.

 Commerce and Industry Minister has proposed to Russia to increase exports of rough diamond for cutting and polishing here. India is the world's largest cutting and polishing centre.

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