Millennium Post

April-May gold imports lose 31.25% lustre to $6.05 billion

New Delhi: Gold imports dipped by 31.25 per cent to $6.05 billion during April-May 2018 on account of various curbs introduced by the government to check inbound shipments, Parliament was informed on Monday.

The government has introduced several measures to restrict the import of gold in the country and those steps include imposition of restriction on duty free gold imports from the South Korea as allowed under the existing India-Korea free trade agreement, and imposition of self-use condition on Premiere Trading House/Star Trading House authorised to import the precious metal (gold) directly from overseas bullion supplier.

The government had also imposed restrictions on export of gold jewellery and articles, including medallions and coins of purity above 22 carats.

These "measures have yielded the desired results with 31.25 per cent reduction in the import of gold and 4.29 per cent reduction in import of gold and other precious metal jewellery during the current year (Apr-May 2018) over the corresponding period of the previous year," Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha. He also said India's import of gold has increased by 22.31 per cent in 2017-18.

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