Gold import curbs could be back after Diwali
Surging gold imports may bring back import curbs, with the government focussed on containing foreign exchange outflow and keeping the rupee stable.business Updated: Oct 21, 2014 00:15 IST
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.