India's Gold import restriction concerns South Korea
MUMBAI (Scrap Register): The cheap Gold imports from South Korea have caused some problems in India and to control the inflow and the prices, India had imposed a import restriction to the Gold imports from South Korea.
Now India's decision has been a concern for South Korea, as they have objected the move to restrict all forms of gold imports from the country, and stated that they are not comfortable with the norms and that India should have discussed the issue first instead of unilaterally taking the decision.
Later this week trade ministers of the two countries is to have a meeting in Seoul to review the India-South Korea free trade agreement and ahead of the meeting, the objection from South Korea was seen.
India has reasoned that the move is justified as South Korea does not produce gold but was being used only to circumvent import duty on the metal. On August 25, India had put all forms of gold import from South Korea in the restricted category wherein importers will need permission from the government before importing them.