Centre to revisit gold import curbs after final CAD figures
6 March 2014 5:56 AM IST
‘We will revisit the import duty on gold only after the CAD figures become clear for the end of the year. Let's see what the CAD figures are,’ Finance Minister P Chidambaram told reporters here. The government had imposed restrictions on imports of the yellow metal to contain the CAD, which touched a record high of $88.2 billion in 2012-13. The CAD in the current financial year is expected to narrow to $50 billion.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November after the government hiked import duty thrice in 2013, taking it to 10 per cent.
Besides, the Reserve Bank of India linked imports of the precious metal to exports amid a widening CAD and depreciation of the rupee. Commerce and Industry Minister Anand Sharma on Tuesday too made a case for easing curbs on gold imports, saying over-regulation was encouraging smuggling of the yellow metal.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November after the government hiked import duty thrice in 2013, taking it to 10 per cent.
Besides, the Reserve Bank of India linked imports of the precious metal to exports amid a widening CAD and depreciation of the rupee. Commerce and Industry Minister Anand Sharma on Tuesday too made a case for easing curbs on gold imports, saying over-regulation was encouraging smuggling of the yellow metal.
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