GulfHindi English Desk: The Indian government has announced a new rule regarding the import of gold and other items on Wednesday. The government has introduced a “check” on the import of certain gold jewelry and other non-essential items. Importers now need to obtain a license from the government for the import of these gold products. This step will help in curbing the import of non-essential goods. The move aims to promote domestic manufacturing and reduce the dependence on imports.
The Directorate General of Foreign Trade (DGFT) has clarified that this “check” will not apply to imports under the Free Trade Agreement (FTA) between India and the United Arab Emirates (UAE).
The market has reacted to this new rule, resulting in a slight decrease in the price of gold. However, the price of gold in the Delhi bullion market has seen an increase, which may have an impact on other domestic markets as well.
In the current market, the price of gold on the Multi Commodity Exchange is Rs 58,772 per 10 grams, with a decrease of 0.0017%. In the Delhi bullion market, the price is Rs 59,700 per 10 grams, with an increase of 0.33%. In New York, the price of gold is $1,940.70 per ounce, with an increase of 0.19%.
This new rule is expected to have a positive impact on the Indian economy by promoting domestic manufacturing and reducing the import of non-essential goods.
en.gulfhindi.com News Summary
👉The government has announced a new rule regarding the import of gold and other items, requiring importers to obtain a license from the government.
👉The Directorate General of Foreign Trade (DGFT) has clarified that this rule will not apply to imports under the India-UAE Free Trade Agreement (FTA).
👉As a result of this new rule, there has been a slight decrease in the price of gold.
👉The price of gold in the Delhi bullion market has increased, which may have an impact on other domestic markets.
👉The current prices of gold are 58,772 rupees per 10 grams (Multi Commodity Exchange), 59,700 rupees per 10 grams (Delhi bullion market), and 1,940.70 dollars per ounce (New York).
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