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    Govt stops import incentives for exporters of gold medallions and coins

    Synopsis

    An Advance Authorisation is issued to allow duty free import of inputs, which are physically incorporated in export products.

    NEW DELHI: The government has withdrawn incentives being given to exporters of gold medallions and coins for import of raw material, according to a notice by the commerce ministry.

    "Advance Authorisation shall not be issued where items of export are gold medallions and coins or any jewellery/articles manufactured by fully mechanised process," the Directorate General of Foreign Trade (DGFT) said in a notice.

    An Advance Authorisation is issued to allow duty free import of inputs, which are physically incorporated in export products.

    DGFT is under the commerce ministry.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    5 Comments on this Story

    Raju Kumar Chaurasiya357 days ago
    please explain advance authorization?
    Vinay Kunder357 days ago
    India keeps tinkering with policies frequently which creates uncertainties in the market. This then leads to lower numbers on all fronts. Very soon all currencies will be backed by gold. The fiat currencies ( including all paper based funds,bonds, gold ETFs etc ) will collapse and has to, there is no other way.Man will begin new in a new world.( Personally I would convert a percentage of my paper money to physical gold or silver asap at whatever price is current and keep that gold in physical custody and not in a bank locker ) in such a scenario the country that has the most gold becomes a super power in an instant. Right now the dollar is powerful because of the important fact that it is the Petro dollar. The Petro dollar fundamentally and structurally will collapse in the near future. The new money will be and has to be backed by Gold and its poor cousin Silver. Hope India is ready for the new dawn of gold backed currencies. Jai Hind.
    Praker 357 days ago
    Good.. any incentive related to gold must be stopped
    The Economic Times