Government is contemplating removing gold jewellery from the list of items allowed to be imported under the India-Thailand free trade pact as several traders are misusing provisions to bring the precious metal from the South East Asain nation.
He was replying to a query on whether the Finance Ministry is pitching for removal of gold jewellery from the India-Thailand free trade agreement (FTA).
Also read: Govt hikes import duty on gold, platinum to 6%
India is a big consumer of gold and traditionally the demand for gold is met through imports. In April-December 2012 the gold imports stood at USD 38 billion, as against USD 56.5 billion in the full 2011-12 fiscal.
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