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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  

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.

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