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Gold imports drop 76% to 60 tonnes in Apr-Jul this year

Gold imports drop 76% to 60 tonnes in Apr-Jul this year

India's gold imports fell sharply by 76 percent to 60 tonnes in the April-July period this fiscal on high import duty and other taxes, according to gold and silver refiner MMTC-PAMP.


India could ban imports of 24-carat gold jewellery: Report

India could ban imports of 24-carat gold jewellery: Report

India is planning to ban imports of 24-carat gold jewellery in an attempt to curb the misuse of free trade agreements (FTAs) with Asian countries, the DNA newspaper reported on Friday.

Gems and jewellery exports dip 4% to $3.59 bn in Feb

Declining for the fourth month in a row, gems and jewellery exports in February fell by 4.15 percent to USD 3.59 billion due to sluggish demand in key markets such as the US and Europe.

India's gems and jewellery imports up by 8% in January

Import of gold bars fell 30 percent to Rs 2,824.56 crore from Rs 4,037 crore in January 2013.

Gold still showing no sign of losing its sheen in India

Steady demand, despite import restrictions, saw gold prices swaying between Rs.26,440 per 10 grams in April to Rs.34,600 per 10 grams in August.

RBI for removal of restrictions on gold import

CAD, which is the difference between the inflow and outflow of foreign currency, had touched a record high of USD 88.2 billion or 4.8 percent of GDP last fiscal.

Jewellery scrips in demand after hike in import duty of gold

Shares of jewellery makers Wednesday ended the day with up to 4.5 percent gain after the government increased import duty on gold and silver to 15 percent from 10 percent to protect the domestic industry.

Import duty on gold, silver jewellery hiked to 15%

The government Tuesday increased the import duty on gold and silver jewellery to 15 percent from 10 percent to protect the domestic industry, although it would make ornaments more expensive for consumers.

FinMin not contemplating more import curbs to tame CAD

Finance Ministry on Friday said it is not planning hike in duties of any more non-essential items as restrictions on imports of gold, silver and platinum are enough to tame Current Account Deficit (CAD).

Gold futures gain further as govt raises import duty

Gold maintained its rising streak with prices quoting above psychological Rs 29,000 per ten gram in futures trade Tuesday after the government raised import duty on the precious metal.

Gold prices to jump by Rs 600 after duty hike

Gold will become costlier by about Rs 600 per 10 grams following government's decision to hike customs duty on the precious metal, according to jewellers and bullion traders.

Import duty on gold hiked to 10%

Import duty on silver has also been increased from 6 percent to 10 percent.

Gold imports fall over 80% in June

Gold imports in June are said to have fallen to around 31 tonnes, down from 162 tonnes in May and 141 tonnes in April, a source with direct knowledge of the development said.

Gold imports likely to dip by about 24% to 38 tonnes in June

The country imported about 50 tonnes of gold in June 2012, according to official data.

Gold, silver imports may have dipped to $2-2.5 bn in June

India's gold and silver imports are expected to have declined substantially to USD 2-2.5 billion in June following recent steps taken by the government as well as the RBI to curb imports of the yellow metal.

Gold import duty hiked to 8% to restrict demand

With spiralling gold imports putting huge pressure on the Current Account Deficit, government Wednesday night hiked the import duty on the metal to 8 percent, up by 2 percent, in a bid to rein in demand.

'Hiking duty, other steps expected to reduce gold imports'

Measures like raising customs duty are expected to lead to moderation in gold imports which is putting pressure on current account deficit, Minister of State for Finance Namo Narain Meena said on Tuesday.

No proposal to reduce import duty on gold: Chidambaram

The government on Monday said it is not considering any proposal to reduce import duty on gold in view of the impact it will have on the country's Current Account Deficit (CAD).

Make equity market more attractive to wean away gold demand: Kotak

Kotak said that all other steps including imposition of higher duty can continue but it is very important to give an attractive alternative to Indian savers to drive them away from idle asset like gold.

Govt likely to hike import duty on gold in Budget

A hike in the import duty on gold to curb its imports and tax sops to encourage people to replace idle gold with financial instruments may be in the offing.