No proposal under consideration to cut import duty on gold: MoS Finance

The government on Friday said there is no proposal under consideration to reduce import duty on gold. "There is no such proposal under consideration at present," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.

Gems and jewellery exporters have demanded cut in the import duty to boost exports. In a separate reply, the minister said, representations were received from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry to increase customs duty on import of fabrics, in general, from 10% to 20%.

"The same was examined and it was decided not to make any changes in customs duty on fabrics," he said. Replying to a separate question on devaluation of rupee to boost exports, Minister of State for Finance Arjun Ram Meghwal said that the exchange rate of the rupee by and large market is determined and the government and the RBI are closely monitoring the emerging external situation. During April-October 2016-17, he said, exports declined marginally by 0.2% and the exchange rate of the rupee against the US dollar depreciated by 3.8%.