The government reduces the drawback rates for exports of gold, silver jewelry commodities

The government has cut drawback rates on exports of gold and silver jewelery by more than half to adjust for the significant cut in import duties on these precious metals in the budget.

A notification to this effect has been issued by the Revenue Department.

On export of gold jewellery, the drawback rate has been reduced to Rs 335.5 from Rs 704.1 per gram of net gold content of the article. The rate on jewelery and silver articles has been reduced to Rs 4,468 per kilogram of net gold content of an article.

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