gata.org / By Paul Garvey via The Australian, Sydney / October 15, 2016
The Perth Mint sent an estimated $1 billion worth of gold to India for refining without the apparent consent of its Australian customers, with the West Australian government-owned refiner being dragged into a court case examining the alleged abuse of an Indian excise rebate scheme.
The Weekend Australian can reveal that the Mint arranged for semi-refined gold — or dore — from its mining customers to be sold to a third party for export into India to “test out” an Indian excise scheme. This is despite the mint having earlier complained to the Indian and Australian governments about the “unfairness” of the excise discount.
India in 2013 introduced a scheme that saw the excise charged on gold dore cut by 2 percentage points compared to the excise charged on the refined pure gold produced by the Perth Mint and other international refiners.
The excise discount drove a surge in gold refining activity in India — the world’s second-biggest market for gold — boosting the prospects of the mint’s refining rivals there and prompting several Australian gold miners to consider exporting their dore directly to India. …
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