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To cut Import Duty on Gold there is no proposal from Government

Import Duty on Gold

As of now, the centre told that they are not considering any reduction in gold import duty on Friday. The Minister of State for Finance, Santosh Kumar Gangwar wrote in a reply for Finance to Lok Sabha that under consideration at present, there is no such proposal.

To decrease the import duty on gold for boosting the sales, the exporters of Gems and jewellery have asked the government.

About the demand from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry, The minister in a separate reply had written for increasing the import duty of fabrics from 10% to 20%. He also said in customs duty on fabrics, it was decided not to make any changes as the same was examined.

Minister of state for finance, Arjun Ram Meghwal discussed on the decline of the rupee and will it increase exports. He informed that the market decides the exchange rate of the rupee by and the federal govt and the RBI observe the scenario and intervene if needed.

Between Aprils-October 2016-17, the exports declined to the tune of 0.2%, he also said this. Against the dollar, the value of rupee had depreciated by 3.8% at the same time.

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