Finmin considering banning 24-carat gold jewellery export

In a move that could help control the round-tripping of gold and misuse of bank funds meant for exports, the government is considering banning the export of 24-carat jewellery.

In India 24-carat gold is used mostly in coins and bars. Globally too, except China, 24-carat jewellery is not in use. But certain export houses in India export 24-carat jewellery, in which hardly any value addition is done except refining and casting gold in jewellery form. It is then sent to Gulf countries and re-imported in the form of gold.

These export houses, though they are handful in number, use this route to