Union Budget 2024 | 'Grateful for reducing duty on gold from to 6%,' says Malabar Group Chairman

'This move not only relieves consumers who have eagerly awaited this announcement but is also expected to boost gold demand in the country and create jobs for artisans,' he said.

Gold and silver bars.

Credit: iStock Photo

"High import duty often leads to increased smuggling of gold through illegal routes, which hampers the growth of the organized retail gold trade and results in revenue losses for the government. It is expected that the duty reduction will drastically cut down gold smuggling , thereby curbing illegal trade and enhancing tax revenues. This reduction benefits organized retail jewellers, consumers, and the government, making it a positive development for all parties involved," Ahammed further said on the Budget.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.