Budget 2014: Gold jewellery import dips 80% from Thailand in 2013-14

NEW DELHI: Amid concerns over the certificate of origin issue, import of gold jewellery from Thailand has dipped by 80.7 per cent to Rs 100.46 crore (351 kg) in 2013-14, Parliament was informed today.

"Since 2011-12, import of gold jewellery from Thailand has come down," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

Since doubts have been raised over the accuracy of information given on the certificates of origin (COO) issued by Thailand under Early Harvest Scheme (a kind of free trade agreement), requests have been made to Thailand for retroactive check of COO, she said.

"In the meanwhile, the Department of Revenue has been advised to suspend preferential import of gold jewellery with identified tariff lines from Thailand. The Department of Revenue has been taking up cases for retroactive check with the Thai side on regular basis," she added.

India and Thailand signed a Framework Agreement for establishing an India-Thailand Free Trade Agreement on October 9, 2003. There is an Early Harvest Scheme under this agreement which covers certain items for concessional trade including gold jewellery.

Thailand is also a part of ASEAN-India Agreement on Trade in Goods signed on August 13, 2009, where gold jewellery is included for concessional trade.

In 2012-13, gold jewellery imports from Thailand were valued at Rs 588.21 crore (1,822 kg).

Similarly, the imports from Hong Kong, the UAE and the USA too have come down in 2013-14.

In order to contain widening current account deficit, the government has imposed restrictions on gold imports.