India's Current Gold Import Policy Will Be Short-Term
India had imposed stringent restrictions over gold supply to curb current account deficit in the country that came down to 3.1 per cent in April-September of current fiscal from 4.5 per cent in the same period last year. By raising to 10 percent from 4 percent import duties, RBI could block the smooth flow of gold from abroad that brought down to 19 tonnes in last November from 162 tonnes in May.
As per the report India’s gold and silver imports brought down 71.4 percent to USD 1.63 billion in February while Gems and jewelry exports also declined 4.18 per cent to USD 3.59 billion. The shipment of the precious metal was down by 7.15 per cent to USD 35.73 billion during the 11-month period of the last fiscal year.
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