Kochi/ Kottayam: The All Kerala Gold and Silver Merchants Association (AKGSMA) has welcomed the reduction of basic customs duty on gold and silver to 6% and on platinum to 6.4%. This was a long-standing need. The reduction in customs duty will benefit domestic jewelery manufacturers, especially small and medium enterprises.

It will reduce smuggling. AKGSMA State Treasurer Adv. S. Abdul Nasser said.

Smuggled gold jewelery will help in coming through the account

All Kerala Gold and Silver Merchants Association State Committee welcomed the Central Budget. In the petition submitted by the association to the Union Finance Minister Nirmala Sitharaman, it was requested to reduce the excise duty to two percent. However, the association feels that the reduction from 15 percent to six percent is a good step. It will help in curbing smuggling to some extent.

Now 900 tons of gold ornaments are being imported. About three times as much illegally smuggled gold is coming. State President Justin Palatra, General Secretary Rajan J. said that due to the new procedure, the smuggled gold ornaments will be helped to come through the account and the government will get more tax. Thopil, Treasurer S. Radhakrishnan and commented.