Unofficial Imports of Gold into India Plunge 80 Percent in 2020: World Gold Council

Mumbai: The World Gold Council has said that reducing the customs duty on psidi to 7.5 per cent in the budget could reduce illicit imports (the gray market). He opined that smuggling could be curtailed to some extent as demand strengthens along with a reduction in customs. In the 2021–22 budget, the central government has reduced the customs duty on cash to a net 2.2 per cent.

According to the latest proposals in the budget, the basic customs duty on gold bars, including agriculture, infrastructure and social welfare surcharge, has risen to 10.75 per cent. These were 12.87 per cent before the budget. These will be subject to 3% GST. With this, it was possible to reach 14.07 per cent. Previously it was 16.26 per cent. The WGC report on the impact of the budget on the domestic gold market further states:

80 percent down‌
In 2020, unauthorized imports of psidi fell by 80 per cent to 20–25 tonnes. This was due to the fact that Kovid‌ – 19 caused logistics and other problems. This year (2021) will be accompanied by ongoing restrictions on aviation and reduction of customs duty. Official imports are likely to pick up in Versailles. WGC India MD Somasundaram PR said that the central government has taken steps in the right direction by regulating import tariffs on PSD.

Slightly lower gold prices

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