New Delhi, Mar 28 (PTI) India imported gold from 48 countries in 2023-24 and different import duties on the precious metal are due to the country's strategic trade interests under FTAs, Parliament was informed on Friday.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India applies import duty on gold either on a Most Favoured Nation (MFN) basis or under Free Trade Agreement (FTA) basis.

Also Read | ‘L2: Empuraan’ Opens to Packed Theatres, Sparks Political Controversy.

Under MFN rates, import duty on gold bullion is 6 per cent, while for gold dore (unrefined gold) is 5.35 per cent.

"India imported gold from 48 countries in 2023-24," he said, adding in general, demand for lower duty on gold by other countries is discussed during FTA negotiations which is assessed based on various factors such as domestic industry interests and economic considerations.

Also Read | 'First Responder' India Ready To Assist Myanmar in Earthquake Relief Efforts.

Current import duty on gold is zero under India's trade pact with ASEAN, Korea, Japan, and Malaysia.

Under the India-UAE trade agreement, a 5 per cent duty is imposed on gold bullion and 4.35 per cent for gold dore up to TRQ (tariff rate quota) of 160 tonnes. Above this quantity, there are no concessions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)