Gold consignments from South Korea to face strict customs scrutiny

Under the FTA between India and South Korea, basic customs duty on gold was eliminated

The Customs authorities have decided to examine thoroughly the consignments of gold coming from South Korea to ensure that there is no violation of provisions of free trade agreement, a senior official said.

The issue was deliberated upon in details during a meeting last week of the department of commerce, customs authorities, officials of economic affairs and the Reserve Bank.

The government is worried over sudden surge in imports of the precious metal from South Korea, with which India has a free trade agreement (FTA) since January 2010.

Gold imports from South Korea jumped to $338.6 million during July 1 and August 3