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 circular) to all nominated agencies/ premier/ star trading houses...accordingly, any import of gold on consignment basis by both nominated agencies and banks shall now be permissible only to meet the needs of exporters of gold jewellery," the RBI said, adding the restrictions are applicable with immediate effect.
On May 13, such restrictions were put on banks. RBI also said all Letters of Credit (LC) to be opened by nominated banks and agencies for import of gold "under all categories will be only on 100 per cent cash margin basis". Further, it said, all imports of gold will necessarily have to be on "Documents against Payment (DP)" basis as the imports on "Documents against Acceptance (DA)" will not be permitted.
The restrictions will, however, not apply to import of gold to meet the needs of exporters of gold jewellery. The government and RBI have been taking steps to reduce gold import. High import has widened the CAD, with such deficit hitting a record high of 6.7 per cent of GDP in the third quarter of 2012-13....
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04:59 PM, Jun 04, 2013
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08:07 PM, Jun 03, 2013
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10:12 PM, May 30, 2013
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06:15 PM, May 30, 2013
Kolkata: India's current account deficit, which was around 5 per cent of the country's gross domestic product (GDP) last fiscal, is expected to decline to 4.5 per cent this fiscal, rating agency ICRA said on Tuesday. "This is based on the expectation that incentives announced by the government of India would provide a limited boost to non-oil, non-jewellery merchandise exports and lower crude oil prices would dampen growth of oil...
04:54 AM, May 29, 2013
New Delhi: Country's merchandise exports grew by 1.6 per cent to $24.16 billion in April this year, whereas imports increased by 10.9 per cent. Imports during the reported month stood at $41.95 billion. Exports in April 2012 stood at $23.7 billion, while imports were at $37.8 billion. Due to high imports, the trade deficit rose to $17.8 billion, Commerce Secretary SR Rao told reporters on Monday. Rao attributed the widening...
01:45 PM, May 13, 2013
It is not just DMK chief M Karunanidhi's younger son and his heir apparent MK Stalin and his son Udayanidhi, but even the DMK chief's elder son and former central minister MK Alagiri allegedly used illegally imported cars. Now CNN-IBN exposes how a Directorate of Revenue Intelligence (DRI) officer allegedly covered up the illegal car imports of Alagiri , Stalin and his son and how luxury import cars used by...
06:12 PM, Mar 25, 2013
The Cabinet will take up the crucial shale gas exploration policy in two weeks, Petroleum Minister M Veerappa Moily said Sunday. ...
06:40 PM, Mar 24, 2013
The CBI has said that the imported cars scam unearthed in Chennai may perhaps be the biggest of its kind in India. The scam, in which, the CBI says that officials of the Directorate of Revenue Intelligence (DRI) are also involved, reportedly caused a loss of Rs 50 crore to the government exchequer. ...
04:43 PM, Mar 22, 2013
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11:39 AM, Mar 21, 2013
Finance Minister P Chidambaram has said he disapproves of the CBI raids on DMK leader and Karunanidhi's son MK Stalin as it is bound to be misunderstood. Speaking to CNN-IBN, Chidambaram said, "I strongly disapprove of the action by the CBI. It will be misunderstood. I have spoken to the minister concerned." ...
09:36 AM, Mar 21, 2013
India's February exports rose 4.25 per cent from a year earlier to $26.3 billion, while imports rose 2.6 per cent to $41.2 billion, leaving a trade deficit of $14.9 billion, trade ministry officials said on Monday. ...
12:55 PM, Mar 11, 2013
India's record-high current account deficit is a chief worry as it is increasing the dependence on foreign investments, the government's top economic adviser said on Tuesday, making the country vulnerable to a sudden stop and reversal in fund inflows. ...
03:59 PM, Mar 05, 2013
The rupee on Monday weakened by 16 paise to trade at nearly two-month low of 55.05 against the dollar in early trade at the Interbank Foreign Exchange market. The rupee fell due to increased demand for the US currency from oil importers. ...
09:52 AM, Mar 04, 2013
Finance Minister P Chidambaram appealed to people not to buy so much gold as a way of reducing hefty imports, speaking on television a day after his 2013/14 budget surprised traders by keeping gold import duty unchanged at 6 per cent. ...
05:17 AM, Mar 02, 2013
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 or a person who is transferring his residence to India. ...
05:13 PM, Feb 28, 2013
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12:31 PM, Feb 13, 2013
India, the world's fourth-biggest oil importer and Iran's second-biggest client, relies on outside supplies for 80 Per cent of its oil needs, or about 3.5 million barrels per day (bpd). ...
11:22 AM, Dec 20, 2012
New Delhi: India's annual exports fell 11 per cent to $23.7 billion in September, while imports rose 5.09 per cent to $41.8 billion, leaving a trade deficit of $18.08 billion, the government said in a statement, citing provisional trade data. India's overseas sales have fallen from year-ago levels in six of the past seven months, with trade officials blaming weak demand for major exports. Oil imports for September were $14.09...
01:12 PM, Oct 11, 2012
New Delhi: Defence Minister AK Antony on Friday called for reducing India's over-dependence on defence imports and bolstering research and development capabilities. Speaking to officials of Ordnance Factory Board (OFB) and defence public sector undertakings (DPSUs), Antony asked them to make sincere and sustained efforts to reduce the dependence on imports to the maximum extent possible. "While in the era of globalisation, it is not possible to completely do away...
12:58 PM, Oct 06, 2012
