KOLKATA, 20 JUNE: All India Gems & Jewellery Trade Federation (GJF), today expressed concern over widespread smuggling of gold due to hike in gold import duty, consequently affecting the domestic industry.
The government has recently hiked the gold import duty to eight per cent from six per cent in order to check current account deficit.
"We are not concerned about duty hike on gold import as international gold prices have come down neutralising the impact of additional duty. But what we are concerned about is that it is leading to a price difference of about Rs 2.4 lakh for one kg of gold with our neighbouring countries, resulting in smuggling of the precious metal," Mr Bachhraj Bamalwa, former chairman of GJF, said while addressing a Press conference here.
There has been an increase in gold smuggling activities in the recent months, he said, referring to newspaper reports. sns