India to crack down cheap Gold imports from Indonesia
MUMBAI (Scrap Register): After the cheap Gold imports from South Korea, which caused some problems in India after which India restricted the imports, now the traders have found another way to for cheap imports, which is from Indonesia. The imports were seen to hit the 600 kg mark since July, mainly after the import restriction from South Korea.
The cheap imports from Indonesia have increased since late July and now government is looking forward to crackdown the cheap imports. The cheap imports from Indonesia are mainly on the back of India’s free trade agreement (FTA).
There are apprehensions that it may be illegally tweaking the place of origin of the gold and, consequently, gold from other countries may be landing up in India as imported from Indonesia.
“It’s not possible to amend the terms and conditions of FTAs we have already signed with Asean members. But there is a fear that some unscrupulous elements are abusing the rules of origin of the imported products for duty evasion. The customs department has been asked to step up the scrutiny of consignments to establish the actual place of origin and check such abuses,” an official quoted to Financial Express.