NEW DELHI, June 22: Hailing the government’s decision to hike duty drawback rate on old jewellery, Federation of Indian Export Organisations (FIEO) today said the move will provide neutralisation to high duty paid by exporters on imports of gold.
The government has increased duty drawback rate on gold jewellery from Rs 100.70 per gram of gold content to 173.70 per gram of gold content consequent to increase in duty on gold to 8 per cent.
“The request of the exporters have been accepted which will provide neutralisation to high duty paid by exporters on imports of gold,” FIEO president Rafeeque Ahmed said in a statement issued here.
This will add to competitiveness of jewellery exports along with Rupee depreciation.
Mr Ahmed expected the Gem and Jewellery exports to bounce back as current fiscal has shown positive results with exports zooming to 33 per cent in April this year.
(UNI)
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