GOLD IMPORT

  • P Chidambaram advises against lifting curbs on gold imports October 12, 2014

    Mumbai: Former finance minister P Chidambaram has advocated against lifting of curbs on gold imports, saying the benefits accruing from restrictions would far outweigh problems like spurt in smuggling. "No. Not in my view," Chidambaram, who initiated these measures as the Finance Minister in the previous UPA regime in the face...
  • China's gold imports more for holiday; Indian demand set to climb September 26, 2014

    Singapore: Top bullion consumer China has been importing more gold in September than in the previous month due to demand from retailers stocking up for the upcoming National Day holiday, market sources said. Demand in India - the second biggest buyer of the metal - is also set to pick up...
  • Gold import rules likely to stay until next year: World Gold Council August 14, 2014

    Singapore: Indian gold demand in 2014 will fall below last year's record levels as import restrictions are expected to remain in place, despite an improvement in demand in the second half of the year, the World Gold Council (WGC) said. Demand in 2014 will be 850950 tonnes, the industry body said,...
  • June trade deficit touches 11month high at $11.76 billion July 16, 2014

    New Delhi: The June trade deficit touched 11month high to $ 11.76 billion against $ 11.23 billion (MoM) and $ 11.28 billion (YoY). Though the imports dipped slightly to $ 38.24 billion against $ 39.23 billion on a month on month basis, it grew 8.3 per cent on a year...
  • India may cut gold import duty at Budget: Industry official July 9, 2014

    Mumbai: India is likely to cut its gold import duty to 6 per cent from a record 10 per cent in Thursday's Budget, leading to a rise in imports in the second half, a senior official at the country's biggest gold trade group said on Wednesday. Higher overseas purchases by the...
  • Jewellers face long road to export growth October 2, 2013

    Indian jewellers, long spoiled by access to the world's largest group of gold consumers, must seek expansion overseas after the authorities tied gold imports to exports. But the path will not be easy. India has hiked import duty for gold, its biggest nonessential import, this year from 4 percent to 10...
  • Gods forbid: India's temples guard their gold from government September 30, 2013

    India's temples are resisting divulging their gold holdings perhaps nearly half the amount held in Fort Knox amid mistrust of the motives of authorities who are trying to cut a hefty import bill that is hurting the economy. The Reserve Bank of India (RBI), which has already taken steps...
  • Gold import surges in July, curbs to continue: Chidambaram July 29, 2013

    Ahmedabad: Restrictions on gold imports will continue following a surge in inward shipments of the metal in July after moderating in the previous month, Finance Minister P Chidambaram said on Monday. "Imports were low in June but in July it has turned again...in July the imports have risen, therefore those...
  • RBI imposes more restrictions on gold imports June 4, 2013

    Mumbai: The Reserve Bank of India on Tuesday extended the restrictions on gold import to other agencies in addition to banks, a moved aimed at curtailing demand for the precious metal for domestic use amid widening current account deficit. "It has now been decided to extend the provisions (of May 13...
  • 'Govt may take more steps to curb gold import' June 3, 2013

    New Delhi: The Finance Ministry on Monday said the government could take more steps to reduce gold imports, which may include banning sale of the yellow metal by banks. "More steps will have to be taken to reduce gold imports. Export import policy on gold will have to be reviewed....
  • RBI to consider CAD, macro factors for policy decision May 30, 2013

    Mumbai: The Reserve Bank of India will take into account macro economic factors and "more importantly" the current account deficit for policy decisions, Governor Duvvuri Subbarao said on Thursday. He also said high current account deficit is leading to the rupee weakening. India's current account deficit widened to a record high 6.7...
  • Duty-free import limit of jewellery via passengers raised February 28, 2013

    New Delhi: To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year...
  • Government hikes import tax on gold and platinum January 21, 2013

    New Delhi: The government on Monday hiked import duty on gold and platinum to six per cent from four per cent with immediate effect. The decision came from the government as the rising import of gold was hurting country's balance of trade and foreign exchange. Following the move, the gold price...
  • Gold imports could fall 25 per cent on duty hike January 17, 2013

    London/Mumbai: India's gold imports could drop by up to a quarter this year if, as expected, the government again raises the duty on the precious metal, the chairman of the All India Gems and Jewellery Trade Federation said on Thursday. Bachhraj Bamalwa said he believes import duty on gold will...
  • Importing gold may get costlier, hints Chidambaram January 2, 2013

    Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. ...
  • Govt considering steps to contain gold imports: Chidambaram January 2, 2013

    New Delhi: Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. "Demand for gold must be moderated...We may be left with no choice but to make it...
  • Gold import may drop by 40 pc in next 4 months: BBA August 21, 2012

    Mumbai: The import of gold is likely to decline by 40 per cent in the last four months of the year to about 200 tonnes due to fall in demand for the yellow metal amid high prices and poor monsoon, Bombay Bullion Association said on Tuesday. "Import of the precious metal...
  • Need to dissuade people from investing in gold: Pranab June 17, 2012

    Mumbai: Worried over flow of savings for investment in gold, Finance Minister Pranab Mukherjee on Saturday said there is a need to spread financial literacy to encourage people to invest in market instruments. Pointing out that India's gold import surged to $6062 billion in last fiscal, the Minister regretted that...
  • India's trade deficit widens on crude import bill April 14, 2012

    New Delhi: India's trade deficit is seen at $185 billion in the 2011/12 fiscal year on higher crude import bill, the trade minister said citing provisional data, which may worsen the country's current account balance and further weaken the rupee. Asia's thirdlargest economy imports nearly 80 per cent of its crude...
  • Jewellers' strike still on; silver sales poor April 2, 2012

    Mumbai: Jewellers plan to continue their strike, hurting demand and halting imports of gold and silver in the world's biggest buyer of bullion, an industry body head said on Monday. "We are still striking... We are expecting to hear from the finance minister in a day or two," said Baccharaj Bamalwa,...
  • Gold imports surge by 71 per cent in April May 25, 2010

    Mumbai: Gold imports surged by 71 per cent to 34.2 tonne during April 2010 compared to the yearago period as prices declined to touch a low of Rs 16,262 against the record Rs 18,500 level achieved in December 2009. The shipments during April 2009 had stood at just 20 tonne due...