Millennium Post

Steps to check gold imports showing results: FinMin

The government on Tuesday said that the recent steps to curb gold import is showing results as demand for foreign exchange to buy gold has come down significantly.
'In last 5 -7 days, the large foreign exchange for purchase of (gold) has come down considerably. It has come down from peak of $ 227 million to $ 7 million in (a particular) day. The average is $ 41 million.

'This is a major reduction in offtake for gold,' Department of Economic Affairs Secretary Arvind Mayaram tsaid.
He further said the high current account deficit (CAD) is bothering the government, but the recent steps taken to check gold demand has started showing results.

'Steps ... taken on gold they have started showing results,' Mayaram said.The government hiked the customs duty to 8 per cent while the RBI has put restrictions on banks to import gold.
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