Indian gold refiners have nearly stopped imports of gold dore, a semi-pure alloy, as gray market operators offer hefty discounts to market rates and cut into their slender margins, making business a losing proposition, industry officials say
Most refiners in the world's second-biggest consumer of the precious metal have suspended operations and are struggling to honour long-term supply contracts with miners, they said.
Jewellers and bullion dealers were not buying from refiners as they could not offer the same kind of discount available from competing suppliers, he said.Grey market operators, or businesses that smuggle gold from overseas and sell it for cash to avoid the duties, got a boost in July 2022 when IndiaSuch operators can sell gold at discounts to market prices as they evade the tax of 18.45% on gold, dealers said.
India imports gold dore mainly from Ghana and Peru, while refined gold comes from Switzerland and the United Arab Emirates.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Indian court grants bail to ICICI Bank ex-CEO Chanda KochharAn Indian court on Monday granted bail to former ICICI Bank chief executive Chanda Kochhar and her husband after they were arrested in December in connection with an alleged loan fraud case involving the bank and Videocon Group
Les mer »
Everyone Should Know How to Make This Old-School Anglo-Indian SpecialtyThis British kedgeree recipe is an easy fish and rice curry that draws on culinary wisdom from Britain and the Subcontinent.
Les mer »
Indian shares seen opening flat; Powell's speech, earnings eyedIndian shares were set for a muted opening on Tuesday, tracking global moves as investors weighed expectations of less aggressive Fed rate hikes against inflation and corporate earnings performance.
Les mer »
Indian shares decline; IT stocks weigh, Powell's speech eyedIndian shares extended losses on Tuesday after hawkish comments from Federal Reserve officials and a warning from top IT services provider TCS, with auto stocks capping some of the fall on strong sales numbers from Jaguar Land Rover.
Les mer »
Indian Company Breaks Ground At 1 Gigawatt Solar Power ParkIndian hydropower company SJVN has announced start of construction of a large solar power park in the northern state of Rajasthan.
Les mer »
Old video of Indian minister praising Modi falsely linked to daughter's questioning in liquor scamAfter Indian police questioned the daughter of Indian state chief minister K. Chandrashekar Rao over a liquor scam, a video was viewed tens of thousands of times in posts that falsely claimed it showed him calling Prime Minister Narendra Modi his 'best friend'. The posts mocked Rao and suggested he was courting Modi's help to distance his daughter from the scandal. The video was in fact filmed in March 2018, years before the liquor scam.
Les mer »