Government may place a cap on quantity of yearly gold imports

The Union Ministry of Finance is likely to impose cap on the quantity of gold imported into the country per annum, says a report.

The rising gold rush in the country may have forced the government to limit the yearly gold imports into the country at about 700 to 800 tonne. Besides, there may be a cap placed on the quantity of gold that individual importer can bring in during a year. However, the government is yet to fix a timeline for these import restrictions, adds a report.

According to the reports, the country’s trade deficit for the month of October 2014 declined 6 per cent over the previous month to $13.35 billion as compared to September 2014 deficit of $14.25 billion.