India imported gold from 48 countries in Financial Year 2023-24 and due to separate import duty on valuable yellow metal, the country's strategic trade interests under the Free Trade Agreement (FTA). This information was given to Parliament on Friday.

In a written reply to a question in the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasad said that India imposes import duty on gold either on the basis of major preference nation (MFN) or on the basis of Free Trade Agreement (FTA).

Do not pay duty on importing gold from these countries

Under MFN rates, the import duty on gold is six percent, while it is 5.35 percent for gold door (unrefined gold). He said, India imported gold from 48 countries in financial year 2023-24. He said that in general, low fees on gold are discussed by other countries during the FTA talks, which are evaluated on the basis of various factors such as the interests and economic views of the domestic industry.

The current import duty on gold under India's trade agreement with ASEAN, Korea, Japan and Malaysia is zero. Under the Indo-UAE trade agreement, gold is charged five percent on gold up to 160-ton TRQ (tariff rate quota) and 4.35 percent on gold door. Above this quantity, there is no discount.

Gold made record in Delhi

In the bullion market of the country's capital Delhi, the price of gold reached a new height of Rs 92,150 per 10 grams on Friday. In the last trading session, gold with 99.9 per cent purity closed at Rs 91,050 per 10 grams. In the financial year 2024-25, gold prices have increased by Rs 23,730, or 35 percent on April 1 last year as compared to Rs 68,420 per 10 grams. Continuing the rise in the third consecutive session, gold with 99.5 percent purity rose Rs 1,100 to an all -time high level of Rs 91,700 per 10 grams.