mp ahammed, malabar gold highlights impact of high gold import duty
mp ahammed, malabar gold chairman, has highlighted the negative consequences of high gold import duties, stating that they encourage smuggling and weaken organised retail. He explained that India’s current tax structure on gold makes illegal imports more attractive, leading to significant revenue losses for the government. M. P. Ahammed stressed that reducing duties would discourage illicit activities and promote fair competition within the jewellery industry. Additionally, a lower duty structure could boost exports and create employment opportunities. As global markets like the US and UAE impose minimal or no duty on gold imports, India risks losing competitiveness. Rationalising duties could align India with global practices while supporting economic growth.