India Imported Gold From 48 Countries In FY24: Govt

New Delhi: India imported gold from 48 countries in 2023-24 and different import duties on the precious metal are due to the country’s strategic trade interests under FTAs, Parliament was informed. In a written reply to the Rajya Sabha, Minister of State (MoS) for Commerce and Industry Jitin Prasada said that India applies import duty on gold either on a Most Favoured Nation (MFN) basis or under Free Trade Agreement (FTA) basis. Under MFN rates, import duty on gold bullion is 6 per cent, while for gold dore (unrefined gold) is 5.35 per cent.

“India imported gold from 48 countries in 2023-24,” he said, adding in general, demand for lower duty on gold by other countries is discussed during FTA negotiations which is assessed based on various factors such as domestic industry interests and economic considerations. Current import duty on gold is zero under India’s trade pact with ASEAN, Korea, Japan, and Malaysia.