Gold Duty Cut: Sisters Can Now Buy Heavier Mangalsutras - Goyal

Mumbai, Sep 27 (PTI) Union Commerce Minister Piyush Goyal on Friday said our sisters will not have a problem in buying mangalsutras after the steep cut in gold import duties.

Speaking at an event organised by a south-based Malabar Gold and Diamonds, the minister said that our sisters can now have heavier mangalsutras as well.

"I am told the business has shot up after that (the duty cut). Business has gone up like anything. Now, our sisters will not have a problem with (buying) their mangalsutras, I think, and you can have a heavier mangalsutra," he said.

It can be noted that earlier this month, Finance Minister Nirmala Sitharaman announced a steep cut in customs duty on gold to 6 per cent from 15 per cent earlier.

Goyal said the duty cut used to dominate every discussion within the gold industry, and there was a demand for lowering duties.

The minister also exhorted the Gold and Jewellery Export Promotion Council to help promote Indian tourist destinations from jeweller outlets abroad, stressing that it will help the country and sector.

At the Malabar event to announce scholarships to over 21,000 female students, Goyal asked GJEPC to formulate a sector-wide plan where many entities come together on specific causes like girls' education to help make India into a developed country.

He also asked Malabar to increase the number of beneficiaries under the scholarship programme and keep adding them with the growth in profits.

The minister said the Calicut-headquartered company has declared to spend 5 per cent of its profits under corporate social responsibility, pointing out that this year alone the amount will cross Rs 100 crore.