Indian government reduces drawback rates on gold and silver exports by 50% to lower import duties, supporting the gems and jewellery export sector.

Indian government reduces drawback rates on gold and silver exports by 50% after slashing import duties in the national budget. New drawback rates are Rs 335.5 per gram for gold and Rs 4,468 per kg for silver, aligning with the lowered import duties of 6% for both metals. This move aims to support the gems and jewellery export sector which has contracted by 7.45% to USD 9.1 billion from April-July this fiscal year.

August 24, 2024
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