India cuts duty drawback rates on gold and silver jewellery exports

The Economic Times reports that India’s Finance Ministry cut duty drawback rates, reducing the refunds exporters can receive for duties paid on imported inputs. The gold jewellery rate fell 3.1% to ₹1,794.11 per gram from ₹1,851.99, while the rate for silver jewellery and certain silver articles dropped about 9% to ₹26,859.02 per kg from ₹29,501.09. The government had nearly doubled rates for select gold and silver jewellery exports in July.