ANNOUNCEMENT 20 Feb 2013In February 2013, the government of India announced an alteration to its export prohibitions.
NUMBER OF INTERVENTIONS
Ministry of Commerce: http://commerce.nic.in/pressrelease/pressrelease_detail.asp
Gold News: http://goldnews.bullionvault.com/gold-jewelry-022220123
On 20 February 2013, the Indian Ministry of Commerce suspended imports of gold from Thailand.
Previously, those imports were subject to a 1% duty (compared to a 10% duty for imports from other countries), which was only applicable if the good received a value addition of at least 20% in Thailand. The suspension will be in place until the authorities deem the certificate of origin of the imports to be satisfactory.
The implementation of this suspension is a reaction to increased imports of the aforementioned product in the last months. TheIndian government fears that importers are abusing the (almost) duty-free pactwith Thailand to import goods originating elsewhere.