Gold imports surge on withdrawal of PMLA rule

From Oct 1, the govt has reduced the import tariff on gold by $18 to $413 per 10 grams

Gold imports have started going up and are expected to surge further after the government removed jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA) last Friday. The PMLA provision had been implemented in August. 

A premium of $3 an ounce has been quoted, which is attractive for importers. From October 1, the government has also reduced the import tariff value on gold by $18 to $413 per 10 grams, which means the import duty will have to be paid at a lower price. Consequently, imports have picked up, with the festive season