‘India to import 25 tonnes Gold from South Korea, avoiding duty’


Indian traders are likely to import 25 tonnes of gold from South Korea in the coming months, taking advantage of a recent tax change that allows importers to ship in gold without paying a 10 percent customs duty, industry officials said.  The cheap imports are putting pressure on local refiners and banks who cannot match the steep discounts being offered on bullion sales from the duty-free gold from South Korea.  “Already 12 tonnes have been landed from South Korea since the implementation of GST. By the end of this month imports could be around 25 tonnes,” James Jose, secretary of the Association of Gold Refineries and Mints…

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