Gold imports from South Korea surged to $339 million between 1 July and 3 August against import of only 70.5 million in the financial year 2016-17. Photo: APNew Delhi: After a surge in import of gold from South Korea, the Directorate General of Foreign Trade (DGFT) in the commerce ministry on Friday banned duty free imports of the yellow metal from the country. Under the India-South Korea free trade agreement that came into force in 2010, India has allowed duty free import of gold and silver items. This created a situation where importing gold via South Korea became profitable due to its duty free status even as government continued to impose 10% basic customs duty on import of gold from other countries. Gold imports from South Korea surged to $339 million between 1 July and 3 August against import of only 70.5 million in the financial year 2016-17.

Source: Mint August 26, 2017 09:22 UTC