Surging gold imports may bring back import curbs, with the government focussed on containing foreign exchange outflow and keeping the rupee stable.
“Let the festival season be over, I will have a look at it,” finance minister Arun Jaitley told television channel ET Now. “I don’t want to spoil the festival season... after the festival I’ll have a look at it.”
Gold prices rose by Rs 75 to Rs 27,775 per 10 grams in Delhi Monday, a day ahead of Dhanteras when gold buying is considered auspicious and is at its peak.
The government and RBI had imposed a string of restrictions on gold imports as current account deficit (CAD) widened to a record high of 4.8% of GDP in 2012-13.
The RBI, however, had started easing some of the restrictions, with CAD remaining at less than 2% of GDP in the few quarters.
Gold imports jumped to $3.75 billion in September from $682.5 million the same month last year.