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Government Issues Clarification on Gold Imports Scheme

News and Press Release - Dated:- 12-3-2018 - The past few days have seen some misapprehensions being generated on the scheme of gold imports known as the 80:20 scheme. The factual position is being clarified. The increase in gold imports had put pres .....

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d then on 14.8.2013, the restrictions were modified to introduce the 20:80 scheme, under which, it was mandated that at least 20% of gold imported is to be used for export. Under this scheme, only banks and PSUs like MMTC, STC, etc. were allowed to i .....

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public agencies. However, from 21.5.2014, the Premier Trading Houses and Star Trading Houses were also allowed to import gold under 20:80 scheme. The then Finance Minister approved the modified scheme on 13.5.2014, even though the model code of condu .....

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00 to USD 150 per ounce (Approximately ₹ 2 lakh per Kg) was being charged from the domestic customers. Allowing private companies like PTHs and STHs to import gold provided these agencies an opportunity of windfall gain, as the benefit of the h .....

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during this period, assuming a premium of ₹ 2 lakh per kg and 80% of imported gold supplied to domestic market earning the premium. Even the export obligations were being met through export of plain jewellery, viz., bangles and chains, which w .....

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ng about 140-150 tons a month. The increase in gold imports had benefitted disproportionately the STH/PTHs whose imports had shot up by 320 percent and who then accounted for 60% of all imports compared to 20% before May. This benefit stemmed from a .....

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he advantage to the STHs/PTHs extended in May 2014 was unfair and this discrimination in their favour needed to be eliminated. Therefore, the new Government took a bold decision of ending the discrimination and liberalizing the import and scrapped th .....

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sition and will take necessary action against the persons involved. As regards the Unstarred Question No 3700 answered on 13.08.2014, the question was on Institutionalisation of bullion trade and the reply was factual in nature stating various measur .....

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