Exports of gold jewellery, coins and medallions rose by 22 per cent to Rs 33,594 crore in the first half of this fiscal mainly due to RBI’s 80:20 scheme.
Under the 80:20 scheme, the Reserve Bank, in August last year, had allowed nominated agencies to import gold on the condition that 20 per cent of the import would be exported.
To boost value-added gold exports, RBI in May this year eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal.
According to the Gems and Jewellery Export Promotion Council (GJEPC), the country exported gold jewellery and coins worth Rs 33,594 crore in April-September period this year, up by 22 per cent from Rs 27,551 crore in the year-ago period.
Of total gold exports, jewellery was worth Rs 27,530 crore and coins/medallions were worth Rs 6,064 crore in the review period.
However, the shipment of gold jewellery from Special Economic Zones (SEZs) as well as Export Processing Zones (EPZs) fell in the first half of the current financial year.
Gold jewellery worth Rs 11,299.67 crore was exported from SEZs and EPZs during April-September of this year, as against Rs 14,578.72 crore in the same period corresponding year.
In 2013-14 fiscal, the country had exported gold jewellery and coins worth Rs 70,000 crore.
India is the world’s largest gold consumer and meets its entire demand of almost 900 tonnes through imports.