Dubai gold traders unhappy over India tightening customs rules
Dubai's gold traders are reportedly unhappy with India's new customs rules that requires passengers flying into India to declare any gold jewellery exceeding Rs10,000 (Dh592).
Expat Indians will have to go through a layer of paperwork to take gold jewellery back to their home country.
Shamlal Ahmad, managing director of international operations at Malabar Gold and Diamonds said that whenever official try to add to the paperwork, it does crate a negative sentiment with the intended group.
According to Gulf News, some market sources worry that the customs form requirements could also be used as a tool for 'harassment' by customs officials if they so choose.
Cyriac Varghese, general manager at Sky Jewellery said that Indian authorities were effectively trying to de-link the Dubai jewellery trade's status as a major source of the merchandise that is brought to India by expatriates.
(Posted on 26-02-2014)