Restrictions on gold imports likely to stay

  • 24-July-2014
  • Restrictions on gold imports likely to stay

New Delhi : The Government is likely to continue with the checks on gold imports put in place by the previous regime, Finance Minister Arun Jaitley indicated.

Jaitley said the Government is inclined to continue also with the other steps taken by the previous government since these have helped check the current account deficit. “Each step is being continued efforts are being made to continue each of these steps,” Jaitley said.

Gold is India’s second-biggest import item after crude oil, and just last month imports of the yellow metal surged by 65 per cent after the Government relaxed some of the restrictions on gold imports imposed in 2013 with the Reserve Bank of India.

“The measures taken by the Government and the RBI helped contain India's current account deficit to $32.4 billion in 2013-14 and build up foreign exchange reserves to a level of $316.4 billion on July 4, 2014,” Jaitley said.

He said the restrictions on gold import ”apparently seems to have worked” and added the Government is making efforts to contain CAD at “containable level”.

Source : dailyshippingtimes.com

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