Commerce Secretary Rita Teaotia today made a case for reviewing the import duty on gold with a view to curb arbitrage opportunities resulting from FTAs without impacting the genuine requirement of businesses. "I think the real issue on why free trade agreements tend to be leveraged is the issue that we have been raising again and again and that is the (import) duty on gold. This is a matter that the government of India is seized of. "There are implications on both sides and I think we will have to work to come to some sort of balance on the duty issue. It certainly needs to be addressed because as long as there is arbitrage there will be people who will try to game the system," Teaotia said.Her statement comes against the backdrop of surge in gold imports from South Korea.

Source: Economic Times December 01, 2017 10:07 UTC