Already 12-13 tons of gold is understood to have arrived so far from Korea since July
economy news: Importers are exploiting a loophole in the Free Trade agreement signed between South Korea and India that allows for duty-free import of gold coins.
The customs department, after examining several recommendations such as levying a safeguard duty, is seeking a bank guarantee equivalent of the usual 10 per cent from traders to neutralise the impact of the clause.
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Customs department is seeking several details mostly pertaining to exporters, including manufacturing details and so on, in order to plug the surge of imports. According to informed sources, despite efforts to curb the yellow metal's import from Korea, it continues unabated. Indian importers are providing all information demanded by the customs department and providing the requisite bank guarantee too.
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Already 12-13 tons of gold is understood to have arrived so far from Korea since July.
The sources added it is apparent that importers are confident about the legality of their method from the way they are cooperating with customs, providing all information demanded of them in writing.(Read more)
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