Union Finance Minister P Chidambaram said on July 31 that gold imports into India were lower in June and July when compared to the same period last year. India is hoping to contain gold imports well below 845 tonne that were shipped last year, Chidambaram said, a week after the central bank restricted imports further, by tying imports to exports volumes. India imported a record of 162 tonne of gold in May, triggering a series of measures to contain imports and a ballooning current account deficit.
Chidambaram said that the June – July imports of gold are less than last year’s June and July. Overall the government hopes to save a considerable amount of foreign exchange in respect of gold imports, he added.
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