Sunday, April 11, 2021

Demand for gold with customs duty reduction!

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Prime Time Zone, Webdesk: According to the World Gold Council (WGC), domestic gold imports are expected to fall by 80 per cent to 20-25 tonnes by 2020 due to the corona effect. Also, the WGC said in its report that the Centre’s reduction of the customs duty on gold to 7.5 per cent in the 2021-22 financial year budget will reduce unauthorized imports. The council said in its report that restrictions on air traffic would continue this year, as well as a reduction in customs duties to reduce illicit gold shipments. Gold was taxed at 16.26 per cent before the budget announcement, down 2.19 per cent to 14.07 per cent with the new tax regime. Similarly, the WGC is hopeful that gold demand will rebound this year. Market sources expect that the reduction in import tariffs will boost demand and that the reforms announced in the budget will indirectly bring various benefits to the PSD market as well.

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