What duty disparity are Indian refiners concerned about?

Refiners are concerned about the difference in duties between imported refined gold and silver versus the 'dore' form used domestically.

How can trade pacts impact India's refining sector?

Excluding gold and silver from trade pacts can help boost domestic refining capacity and improve India's global competitiveness.

What is MMTC-PAMP's role in this situation?

MMTC-PAMP, with its expertise in LBMA refining, is ready to offer technical support to the government and industry.

Home / Business and Economy / India Refiners Demand Fair Play on Gold Duties

India Refiners Demand Fair Play on Gold Duties

23 Jan

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Summary

Domestic refiners face disadvantage due to import duty differences.
Industry urges exclusion of gold and silver from new trade pacts.
MMTC-PAMP offers technical expertise to boost refining capacity.

India Refiners Demand Fair Play on Gold Duties

Indian precious metal refiners are seeking government intervention to rectify duty disparities that currently disadvantage domestic companies against imported refined bullion. Industry leaders, including representatives from MMTC-PAMP, are advocating for the exclusion of gold and silver from future trade agreements.

This move aims to bolster India's domestic refining capacity and elevate its global standing in the sector. MMTC-PAMP has expressed its readiness to provide technical assistance, leveraging its expertise from operating a London Bullion Market Association-accredited refinery.

Currently, a duty differential of 0.65 percent exists, with dore duty at 6 percent for both gold and silver, making the effective rate 5.35 percent. The sector hopes for greater input-related benefits through duty differentials to encourage investment in local refineries and enhance their capabilities to international standards.

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