#Reader’sResponse: Is import duty reduction on cards?

                                                 Grey market mushrooming

The 10 per cent customs duty on gold  imports and the resultant smuggling has led to the re-creation of a massive grey market. The designated gold importers are facing tough competition from the unorganised market where gold is available at a steep discount. We demand from the central government to bring
the custom duty to 5 per cent in the next budget.

Saurabh Gadgil
Managing Director
PNG Jewellers, Pune