MUMBAI: India’s Gold import bill in the first half of 2016-17 is estimated to fall to a 10-year low of $7.2 billion. The fall is attributed to high import duties, stricter disclosure requirements for jewellery purchases, strike by jewellers and government efforts to unearth black money.
The Gold import bill of the country till August was $6.1 billion, as per commerce ministry data. The bill for September is pegged by the industry at another $1.1 billion. Import duty on the yellow metal needs to be cut back to at least 6% to discourage unofficial imports as per the expert opinions which will help to rebound the imports to the country.
