Indian gold imports decline by 11.8%
KOLKATA (miningweekly.com) - India’s import of gold has fallen by some 11.8% to $50-billion between April 2012 and February 2013, with a positive impact recorded on the country’s rising current account deficit.
According to a statement from Junior Finance Minister Namo Narain Meena, total imports in volume terms had been pegged at 951.17 t, down 1.6% over the corresponding previous period.
The Minister said that over the past few years, gold imports had been rising steadily in terms of value at $56-billion in 2011/12, $40-billion in 2010/11 and $28-billion in 2009/10.
The Indian government had taken several steps to curb demand for gold, including increasing import duty to 6% from 4%.
The Finance Ministry in consultation with the Reserve Bank of India, was working on introducing inflation indexed bonds to divert domestic savings from gold to inflation-hedged financial instruments, the Minister said, pointing out that gold had emerged as the second-largest imported commodity following petroleum, and currently constituted 11.3% of the total imports during 2011/12 and accounted for 26% of the country’s trade deficit between April 2012 and February 2013.
Meanwhile, the Finance Ministry had upwardly revised the tariff value of gold to $472 per 10 g from $449 per 10 g on account of volatility in international gold prices. The tariff value is the base price on which the import duty of 6% was levied by the customs department.
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