The gold industry has urged the Centre to further bring down the import duty to Rs 125 per 10 gms from the existing duty of Rs 250 per 10 grams since the present duty was encouraging entry of gold through illegal channels.
It has also asked the government to reduce the import duty on 18 carat jewelry from the present duty of 35 per cent.
Speaking to Business Standard, G S Pillai, president of Gold Souk, said,