|Chennai||Rs. 27770.00 (-0.14%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
Finance Minister Arun Jaitley might have delivered a Budget for growth but his largesse did not extend to the Indian jewellery industry. Despite widespread expectations that import restrictions would be reduced, Jaitley has continued with both the 10 per cent import duty and the unpopular 80:20 rule (requiring re-exports of at least 20 per cent of all imported gold).
From the moment Jaitley noted the country must remain watchful of the current account deficit, the prospects for an easing of gold import restrictions looked slim. Although unpopular, these import restrictions have contributed significantly to the reduction in India's current account deficit.