India imported gold from 48 countries in 2023-24: Govt

India imported gold from 48 countries in 2023-24 and different import duties on the precious metal are due to the country's strategic trade interests under FTAs, Parliament was informed on Friday.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India applies an import duty on gold either on a Most Favoured Nation (MFN) basis or under a Free Trade Agreement (FTA) basis.

Under MFN rates, import duty on gold bullion is 6%, while for gold dore (unrefined gold) is 5.35%.

"India imported gold from 48 countries in 2023-24," he said, adding in general, demand for lower duty on gold by other countries is discussed during FTA negotiations which is assessed based on various factors such as domestic industry interests and economic considerations.

Current import duty on gold is zero under India's trade pact with ASEAN, Korea, Japan, and Malaysia.

Under the India-UAE trade agreement, a 5% duty is imposed on gold bullion and 4.35% for gold dore up to TRQ (tariff rate quota) of 160 tonnes. Above this quantity, there are no concessions.