17 Jul 2019
DiamondWorld Directory
Home |
News
Home
India’s gold imports surge in September
Estimated to be around 95 tonnes
By: Diamond World News Service
|
Oct 16 2014 4:16AM
|
Reference: 9713  

DecreaseIncrease
India’s imports of gold stood at $3.75 billion (around 95 tonnes) in September, up from $682.5 million in September last year, reports say. This surge in imports is being attributed to the fall in gold prices and the onset of the festive demand, reports add.

The RBI last year had imposed a ruling of 80:20, wherein the trading houses importing gold required to re-export 20 percent of the imported gold and only after the 20 percent exports were they allowed to indulge in fresh imports. Also, the central government with the intent to close the widening Current Account Deficit (CAD), increased gold import duty from 2 to 10 percent. This led to a fall in imports and shortage of supplies. But in March 2014, the RBI later permitted more banks to import gold, easing the supplies.

India’s merchandise trade deficit widened to $14.2 billion in September from $10.8 billion in the previous month. Overall merchandise exports rose 2.73 percent last month while imports rose 26 percent last month, on y-o-y basis, reports say.

The gold imports in September 2014 are noted as the amongst the ‘high’ levels of imports since restrictions of last year and are attributable to the widening of the trade deficit.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 15364
GJEPC Chairman Interview
Views: 14161
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 20990
Promo for IJ Awards 2012 at NDTV Profit
Views: 33720
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 37036
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 11659
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 35174
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 33250
Member of:
Supporter of: