Gold price skyrockets due to import restrictions
“While there is a customs duty of 10 per cent that accounts for part of the price difference between the domestic and international price of the yellow metal, there is also an acute shortage of gold due to the physical restriction imposed on imports through the 80:20 rule, Agarwal explained.
Agarwal further said that since jewellers have to import through banks, a lot of paperwork and approvals are involved, which take around a month to complete. This leads to delay in sourcing consignments.”
By Sps Pannu
PUBLISHED: 22:47 GMT, 3 March 2014www.dailymail.co.uk Read More