Free Trade Agreement (FTA) agreement has been signed with UAE. Under the agreement, the Dubai government will not levy 5 per cent import duty on jewelery exported by India. That is, due to exemption from 5 percent import duty, the country’s exports will increase and new jobs will be created in the jewelery industry. If we talk about Uttar Pradesh, then Meerut, Agra and Kanpur are the biggest jewelery markets here. UP’s business will get a boost due to tax exemption.
Businessmen and customers will get benefit
Under the agreement, the Government of India will charge 1% less import duty on importing gold from Dubai. That is, 6.5% import duty instead of 7.5%, which will curb illegal gold smuggling. The same Indian customer will get the benefit of Rs 500 per 10 GM on buying jewelry. He will be attracted to buy jewelery from India instead of Dubai. Where Meerut is the biggest wholesale market for jewelry business. The same Kanpur is said to be the hub of the retail market. The biggest business of silver is done in Agra.
Foreign exchange storage will increase
Many Jewelers Associations of the country have expressed their gratitude to Union Minister Piyush Goyal. Jewelery traders say that their efforts have made the settlement possible. Pankaj Arora, National President of All India Jewelers and Gold Smith Federation (AIJGF) said that India’s art and purity will ring in the whole world by exporting jewelery manufactured in the country. This will also increase the storage of foreign exchange in the country.
