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 defici
Tag: gold imports
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Govt suspends gold imports, exports from SEZs
The Union government has partially suspended pure gold imports and exports from special economic zones (SEZs), alarmed at the rampant diversion of the duty-free yellow metal to domestic markets. SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.