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‘As Gold imports are still surging, curbs will stay’

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 measures (to contain imports) continue,’ Chidambaram said at a function of daily Divya Bhaskar. Gold imports were 141 tonnes in April and rose to 162 tonnes in May.
‘About 302 tonnes of gold was imported in two months. If we multiply it by six, then 1,800 tonnes of gold is to be imported (in the fiscal). So where is the money to import 1,800 tonnes,’ he asked, justifying steps taken by the government and the Reserve Bank of India to curb gold imports.
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