You are here
India's trade ministry seeks to cut gold tariff to curb smuggling
By Ruchi Bhatia and Adrija Chatterjee
Bloomberg News
Monday, December 5, 2022
India’s trade ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter.
The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the Finance Ministry to consider reducing the tariff to about 10% from 12.5%, two of the people said, asking not to be identified as the deliberations are private. It’s as yet unclear if the recommendation will be accepted and a decision could be announced at or before the budget presentation due early next year, they added.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Produces Silver and Gold in the United States and Mexico
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Jerritt Canyon gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine. In 2022 these mines are projected to produce between 32.2 to 35.8 million ounces of silver equivalent with an all-in sustaining cost of $16.79 to $18.06 per payable silver-equivalent ounce.
For more information about the company, visit:
https://www.firstmajestic.com/
The company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at First Majestic's bullion store at some of the lowest possible premiums:
https://store.firstmajestic.com/
The matter presents a dilemma for Finance Minister Nirmala Sitharaman, who needs to keep imports low to contain a widening trade deficit, but smuggling robs the government of much-needed revenue. Her administration had raised the tariffs in July, following which the nation’s purchases tumbled....
... For the remainder of the report:
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
