Gold import surge: Govt on wait-and-watch mode

By: | Updated: December 17, 2014 8:31 AM

The finance ministry has raised import tariff value on gold to $396 per 10 grams from the earlier $388 per 10 grams.

Gold imports in November stood at .6 billion against 5 million in November, 2013. (PTI)Gold imports in November stood at .6 billion against 5 million in November, 2013. (PTI)

As gold imports surged by 571 per cent in November, commerce secretary Rajeev Kher on Tuesday said the government will adopt a wait-and-watch policy and take a call at an “appropriate time”. High gold imports are a cause for worry as it can push up the current account deficit (CAD).

Gold imports in November stood at $5.6 billion against $835 million in November, 2013.

The finance ministry on Tuesday raised import tariff value on gold to $396 per 10 grams from the earlier $388 per 10 grams.

The World Gold Council has estimated that jewellery demand in India jumped to 182.9 tonnes in the third quarter of 2014, almost matching the upsurge in the second quarter of 2013.

gold-import

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition