<p><strong><em>By Ahammed M P</em></strong></p>.<p>Reducing import duty on gold to 7.5% is a step in the right direction and in line with the long-standing demand of the gems and jewellery industry. Higher import duty was not only indirectly promoting illegal gold transactions but also eroding the government’s revenue.</p>.<p><a href="https://www.deccanherald.com/business/union-budget/budget-2021-live-fm-nirmala-sitharaman-modi-parliament-budget-speech-income-tax-slabs-budget-2021-announcements-coronavirus-privatisation-divestment-945745.html" target="_blank"><b>Get live updates on the Union Budget here</b></a></p>.<p>The import duty reduction will make trade compliance. Moreover, the government should also focus on strengthening the e-governance system to beef up the tracking mechanism of illegal transactions of gold.</p>.<p>All in all, transparent trade always boosts consumer confidence.</p>.<p><em>(The author is the Chairman of Malabar Gold & Diamonds)</em></p>
<p><strong><em>By Ahammed M P</em></strong></p>.<p>Reducing import duty on gold to 7.5% is a step in the right direction and in line with the long-standing demand of the gems and jewellery industry. Higher import duty was not only indirectly promoting illegal gold transactions but also eroding the government’s revenue.</p>.<p><a href="https://www.deccanherald.com/business/union-budget/budget-2021-live-fm-nirmala-sitharaman-modi-parliament-budget-speech-income-tax-slabs-budget-2021-announcements-coronavirus-privatisation-divestment-945745.html" target="_blank"><b>Get live updates on the Union Budget here</b></a></p>.<p>The import duty reduction will make trade compliance. Moreover, the government should also focus on strengthening the e-governance system to beef up the tracking mechanism of illegal transactions of gold.</p>.<p>All in all, transparent trade always boosts consumer confidence.</p>.<p><em>(The author is the Chairman of Malabar Gold & Diamonds)</em></p>