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Demonetisation, tight rules pull down gold bar imports

Demonetisation, tight rules pull down gold bar imports

Oct 13, 2017

 

India's import of gold bar has slumped 57% to $569.12 million in the April-June quarter of 2017-18, from $1,336 million for the same period last year, after a steep drop in consumer sentiment. Last year, post-demonetisation gold bar imports hit a 10-year low, from which it still has not entirely recovered due to a slowdown in the economy, lower consumption and regulatory concerns.Jewellers attribute low imports to subdued demand. "It started with the government making PAN disclosure mandatory in 2016, which made the sentiments run low. Later, with demonetisation and GST, business is now at a 50% low," said Princeson Jose, MD, Prince Jewellery.

 

While demonetisation hurt things at the retail end because of the economic slowdown, GST hurt wholesalers. Many jewellers were uncertain as to how things would pan out and did not buy fresh stock, increase their inventory for that whole month," says the head of a city-based jewellery chain.Jose, however, adds that since the PMLA rule to disclose pan was reversed on October 7, the demand has gone up last weekend.

 

Source: https://timesofindia.indiatimes.com/c