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BullionStar’s Koos Jansen reported that in November, India brought in 1,254 tonnes of silver, which is a record in terms of the data he holds.
BullionStar’s Koos Jansen reported that in November, India brought in 1,254 tonnes of silver, which is a record in terms of the data he holds. Year-to-date the country has imported a total of 6,789 tonnes of the white metal, a 28-percent increase from the year-ago period.
Gold imports were also strong. Jansen states:
According to the DGCIS provisional estimates India imported 148 tonnes of gold, year to date India has imported 745 tonnes, down 3 % y/y.
In 2013 the import duty on gold was raised from 4 % to 10 % and the 80/20 rule was implemented – the latter required all importers to re-export 20 % of all gold imported. On November 28, 2014, the 80/20 rule was suspended, nevertheless India imported the largest amount of gold in November since May 2013.