FinMin asks RBI to consider re-imposing gold imports: Report
20/10/2014 13:02
In wake of widening trade deficit amid rise in gold import in recent months, the Ministry of Finance has asked the Reserve Bank of India to consider reimposing restrictions on gold imports, the Economic Times reported on Monday.
In May, the RBI had eased norms for shipments of yellow metal by allowing seven more private agencies to ship in the precious metal, driving a sharp jump in overseas buying despite a record import duty of 10 percent, Reuter reported.
After oil, gold is the second highly imported item which affects the balance of payment of country. According to industry experts, gold imports are likely to surge in the month of September and October on account of decline in international prices and due to the ongoing festive season.
20/10/2014 13:02
In wake of widening trade deficit amid rise in gold import in recent months, the Ministry of Finance has asked the Reserve Bank of India to consider reimposing restrictions on gold imports, the Economic Times reported on Monday.
In May, the RBI had eased norms for shipments of yellow metal by allowing seven more private agencies to ship in the precious metal, driving a sharp jump in overseas buying despite a record import duty of 10 percent, Reuter reported.
After oil, gold is the second highly imported item which affects the balance of payment of country. According to industry experts, gold imports are likely to surge in the month of September and October on account of decline in international prices and due to the ongoing festive season.
