Gold imports to drop 35% this fiscal

Gold imports to

India’s gold imports this fiscal are likely to drop 35% from a year before to 550 tonne as restrictive measures by the government and the central bank choked supplies from overseas, All India Gems and Jewellery Trade Federation chairman Haresh Soni said on Wednesday.

The country has so far imported 515.65 tonnes of gold this fiscal, he said, of which 300 tonnes were purchased from overseas in just April and May. Concerned over the impact of high gold imports on CAD, the government raised the import duty on gold periodically to 10% from 4% in the beginning of last year and the central bank mandated that at least 20% of the imported gold be kept aside for re-exports, leading to a crash in purchases from overseas.  fe Bureau | New Delhi | Updated: Feb 27 2014, http://www.financialexpress.com Read More

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