India Won’t Ease Curbing of Gold Imports

Mineweb reported that India’s Finance Ministry has said that although India’s retail sector has been looking for some easing of an import duty on gold, it won’t soften its policy.

As quoted in the publication:

Finance Secretary Arvind Mayaram told a media gathering on Thursday, during an industry and government meeting organised by industry chamber Assocham, that the government would consider easing the norms at some time in the future, when it was more comfortable with the current account deficit (CAD) situation and could start earning more from other exports.

Gold imports declined 26.39% to $1.81 billion in July due to restrictions imposed by the government on inbound shipments of the precious metal to narrow CAD. Imports of gold in July 2013 stood at $2.46 billion.

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