No Plans for Restricting Gold Imports: Commerce Ministry

India imported seven tonnes of precious metal in January so far, while 39 tonnes of gold was imported in December.

Published: 07th January 2015 08:00 PM  |   Last Updated: 07th January 2015 08:00 PM   |  A+A-

gold
By IANS

NEW DELHI: Government Wednesday said that it will not impose any further restrictions on gold imports as the current account deficit is under control.

According to a senior commerce ministry official, India imported seven tonnes of precious metal in January so far, while 39 tonnes of gold was imported in December.

In November, the government eased the gold import rules. Earlier, 20 percent of total import was mandated to be exported.

Data furnished by the Reserve Bank of India (RBI), had shown that India's current account deficit widened to $10.1 billion for the quarter ended Sep 31, 2014.

According to the central bank, the net difference between inflows and outflows of foreign currencies also known as the current account showed a deficit that widened by 2.1 percent of the gross domestic product (GDP) from 1.2 percent in the corresponding quarter of last year.

India is one of the largest gold importer in the world. Imports of the precious metal is one of the highest contributors to current account deficit after crude oil.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp