India gold import News

Will the $5 billion downward revision in gold imports be a positive thing for Indian Rupee? Check What analyst says.

Commerce and Industry Minister Nirmala Sitharaman has pitched for 'restriction free' imports of gold to help gems and jewellery exports and also discourage smuggling.

Gold prices in India swung to a discount to the global benchmark this week for the first time since mid July as a weak monsoon dampened demand in the world`s second-biggest consumer.

The UAE Monday raised the issue of India's high gold import duty affecting its exports to the country even as the two nations agreed on a wide range of steps to boost their economic ties.

India and China accounted for 54 percent of the total global gold consumer demand in the first quarter of this year, according to a report.

India imported gold worth nearly $26 billion during the April-December period of the current fiscal 2014-15, parliament was informed on Tuesday.

In the wake of surge in gold imports, the government would soon impose some curbs on its inward shipment to prevent current account deficit (CAD) from going out of hand.

Worried over surge in gold imports, the government is contemplating to put curbs on inward shipments of the precious metal by big private agencies.

India`s gold imports surged to about 150 tonnes in October, Bloomberg said in a tweet, a volume that could pressure the government to tighten curbs on shipments of the metal.

India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion, its second-biggest import after oil.