look news india
A big announcement has been made on gold and silver in the budget. The Finance Minister has announced a huge cut of 9% in the import duty on gold, silver and platinum. The import duty on gold and silver has been reduced from 15% to 6%. While the total import duty on platinum has been reduced from 15.4% to 6.4%.
Jewellery stocks surge over 12%
Jewellery stocks have seen a sharp jump after the announcement of import duty on gold and silver. Among the jewellery stocks, Titan's stock rose by 6.50 per cent, Senko Gold's stock rose by 10 per cent, Kalyan Jewellers' stock rose by 3.30 per cent, Motilal Jewellers' stock rose by 12.30 per cent, Radhika Jewellers' stock rose by 11.40 per cent during trading.
Gold became cheaper by Rs 5.90 lakh per kg
India Bullion and Jewelers Association (IBJA) secretary Surendra Mehta said that the basic customs duty on gold has been reduced from 10% to 5%. Agri cess has been reduced from 5% to 1%. Overall, the customs duty on gold has been reduced by 9%. Earlier, both together were 15%, which has now been reduced to 6%.
He says that due to reduction in duty on gold, gold has become cheaper by Rs 5 lakh 90 thousand per kg. That is, duty on gold has been reduced by Rs 5.90 lakh per kg. Similarly, duty on one kg silver was Rs 12,700, in which duty on one kg has been reduced to Rs 7,600. Along with this, duty on platinum has been reduced by Rs 2,000.
This will benefit the government by 9 thousand crores
It will happen. The redemption of sovereign gold bonds is about Rs 1 lakh crore. In this, the government will have to pay about Rs 9,000 crore less on redemption.