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Below the Quote On Reduced custom duty on Gold By MP Ahammed, Chairman, Malabar Gold & Diamonds

The reduction in import duty on gold has been a long-standing demand for gold retailers, and we are extremely grateful to the Union Finance Minister for addressing this issue in today’s Union Budget by reducing the duty from 15% (including cess) to 6% . This move not only relieves consumers who have eagerly awaited this announcement but is also expected to boost gold demand in the country and create jobs for artisans. High import duty often leads to increased smuggling of gold through illegal routes, which hampers the growth of the organized retail gold trade and results in revenue losses for the government. It is expected that the duty reduction will drastically cut down gold smuggling , thereby curbing illegal trade and enhancing tax revenues. This reduction benefits organized retail jewellers, consumers, and the government, making it a positive development for all parties involved

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