Ministry of Commerce & Industry has revamped Gold Monetisation Scheme

Sep 15, 2021 | by Avantis RegTech Legal Research Team

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Industry Specific Compliance

The Ministry of Commerce & Industry on September 15, 2021 has revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level.

The key highlights are as follows:

• Government has introduced several reforms, such as the revamped Gold Monetisation Scheme, reduction in import duty of gold, hallmarking, etc. which would help the industry to grow to the next level. Other issues flagged by GJEPC and industry from time to time are also being investigated and expected to be resolved soon.

• Reforms would help the industry to achieve export target of US$ 43.75 billion this year and gems and jewellery exports to USD 75 billion in coming years.

• The Gems & Jewellery sector contributes around 7% to GDP and employs 5 million persons.

• India has emerged as the leader in diamond manufacturing and export along with being one of largest exporter of other segments of industry such as gold jewellery, silver jewellery, coloured gemstone, and synthetic stones. As such, gems and jewellery sector is an ideal example ‘Make in India’, the vision of Honourable Prime Minister.

• The GJEPC, being apex body of gems and jewellery exporters, has undertaken prompt measures in terms of constantly interacting with the industry, understanding their requirements, and working closely with the government to chalk out the desired measures for supporting the industry in terms of sustaining, surviving and reviving back even amid a critical situation like Covid-19.

[Release ID: 1754993]

 


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